KARACHI: KE Holdings (KEH), the majority shareholder of K-Electric, has formally requested immediate elections for the company’s board, citing that the board’s term expired in July 2025. In a letter sent to K-Electric’s CEO, the SECP Chairman, and the Pakistan Stock Exchange CEO, KEH stressed the urgent need for fresh leadership.
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KEH holds 53.8 percent of KES Power Ltd (Mauritius), which in turn owns 66.4 percent of K-Electric, giving KEH an indirect 35.7 percent stake and making it the largest shareholder. The letter raised concerns over the conduct of K-Electric’s senior management, including leaks of sensitive information and misreporting of board discussions.
KEH expressed that the company’s leadership has lost the trust of key stakeholders, including the Government of Pakistan and NEPRA, and has failed to effectively pursue tariff appeals, causing financial harm to shareholders. The letter also emphasized that K-Electric, as a critical utility for Karachi and Pakistan, cannot remain under the control of a minority shareholder group or a management acting in self-interest.
The majority shareholder highlighted that minority stakeholders, Aljomaih Power Ltd and Denham Investments Ltd, have effectively stalled board proceedings since 2022, after obtaining an interim Sindh High Court order. This left the board incomplete for three years, until its term officially ended. KEH added that the Cayman Court of Appeal has deemed the interim order inappropriate.
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KEH urged that full board representation be restored immediately and fresh elections conducted without delay. The shareholder stressed that new leadership is essential to rebuild stakeholder relationships, secure a sustainable tariff structure, and improve K-Electric’s overall performance.