Offshore firm buys indirect stake in K-Electric

In an opaquely worded notification issued on the Pakistan Stock Exchange, K-Electric Ltd said on Thursday “changes have been consummated” involving IGCF General Partner Ltd (IGCF GP), a fund manager, and the Infrastructure and Growth Capital Fund L.P. (Fund), which owns the fund’s assets. Analysts interpreted the dense text of the regulatory filing as an acknowledgement of the transfer of K-Electric’s major shareholding to Sage Venture Group Ltd, a British Virgin Islands–registered special purpose company wholly owned by AsiaPak Investments Ltd. K-Electric’s holding company is Cayman Islands-registered KES Power Ltd, with a shareholding of 66.4 per cent. The government of Pakistan controls 24.36pc shareholding in K-Electric while the rest is owned by institutional investors and the general public. The doomed private equity fund Abraaj Capital held a majority stake in KES Power Ltd until its chief, Arif Naqvi, was arrested in 2019 for misappropriating investors’ funds.