ISLAMABAD:Tensions among the key shareholders of K-Electric have escalated following a letter issued by KE Holdings Limited (KEH), prompting Al-Jomaih Group and Denham Investment Ltd to raise a series of concerns about governance, communication practices, and the ongoing legal disputes surrounding ownership of the utility.
As per details, Al-Jomaih Group and Denham Investment Ltd has issued a detailed letter on 24 November 2025, and responded to KE Holdings Limited’s (KEH) communication circulated three days earlier on 21 November 2025.
In its 24 November letter, Al-Jomaih said KEH’s correspondence—signed by Casey McDonald as “sole director”—was addressed to the K-Electric Board but emailed to the Chairman of K-Electric at his Alvarez & Marsal address instead of through official corporate channels. The group noted this as unusual given the Chairman’s multiple roles across entities reportedly linked to Shaheryar Chishty.
Al-Jomaih stated that KEH’s letter had also been copied to the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX), and appeared on social media simultaneously—creating the impression that it was intended to influence public perception and potentially affect K-Electric’s share price.
Al-Jomaih Power (AJP) and Denham — shareholders of K-Electric through KESP since acquiring majority control from the Government of Pakistan in 2005 — reiterated that they have invested hundreds of millions of dollars over two decades and facilitated additional investments from partners whose controlling interests were later acquired by Mr. Chishty under circumstances they describe as questionable. Related legal proceedings remain active in Pakistan, the UK, and the Cayman Islands.
The shareholders said they have continued their engagement with K-Electric’s Board and supported operational improvement without receiving dividends. They disputed KEH’s claims, insisting that SPV21/KEH has no superior shareholder rights to any other KESP investor and that Casey McDonald has no authority to speak for them.
They also defended K-Electric’s management, calling KEH’s allegations of “rogue management” unfounded, arguing that the utility continues to perform effectively despite disputes involving Sage, Mr. Chishty, and KESP shareholders.
Al-Jomaih’s 24 November letter highlighted that a technical review of KEH’s 21 November document indicated it was authored under Mr. Chishty’s Microsoft 365 account rather than Mr. McDonald’s, raising questions about authorship and independence. Al-Jomaih also sent a detailed letter to the K-Electric board in October.
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The letter also referenced legal developments, including an October 2022 Sindh High Court injunction obtained by AJP and Denham after alleging that Sage and Mr. Chishty sought to take control of K-Electric in violation of the KESP shareholders’ agreement. The injunction remains active while related proceedings progress in the Cayman Islands, where the court noted “a serious issue to be tried” regarding KEH’s conduct.
Al-Jomaih also cited SECP’s order preventing changes to K-Electric’s Board due to inadequate disclosure of shareholding changes, saying KEH has still not provided complete beneficial ownership information.
Adding complexity, a November 13, 2025, letter from Mashreq Bank (UAE) stated it holds a 28.94 percent economic interest in KEH and clarified that no unified “composite voice” represents SPV21/KEH, contradicting KEH’s claims.
The shareholders also pointed to conflicting statements by Mr. Chishty: on 11 October 2025 he announced that “all our shares” in KESP’s 53.8 percent stake were being sold to a Saudi national under an MoU, while the 21 November KEH letter claimed KEH is a committed long-term shareholder concerned about K-Electric’s future. According to Al-Jomaih, PSX filings confirm Mr. Chishty does not personally hold shares in KESP and therefore cannot sell the stake.
In its 24 November communication, Al-Jomaih stated that the claims raised by KEH should be viewed in the context of ongoing attempts to influence K-Electric’s governance while major legal proceedings remain unresolved.
