Business desk
K-Electric (KE) has confirmed to the Pakistan Stock Exchange (PSX) that a large part of the controlling stake in IGCF has been acquired by Sage Venture Group Limited, a British Virgin Islands-registered special purpose company.
The disclosure by KE comes after PSX asked the utility company to explain a report that stated that the power provider’s large part of the controlling stake was being sold at the Cayman Islands Courts.
Reacting to The News story, the PSX had asked the KE to “immediately disseminate” to the bourse and Securities & Exchange Commission of Pakistan (SECP) to release “any information that may affect the market price of its shares in the manner prescribed by the exchange from time to time”.
Although KE reacted to the above notice on Tuesday by saying that they had “not been informed of any specifics regarding the potential transaction”, it appears that the situation changed and a statement has been released to the PSX that largely confirms the facts reported earlier.
“Further to the disclosure made by K-Electric Limited (K-Electric) on October 18, 2022, K-Electric has now been informed that changes have been consummated involving IGCF General Partner Limited (IGCF GP), being the fund manager, and the Infrastructure and Growth Capital Fund L.P. (Fund), being the owner of the Fund assets. In particular, controlling interests in IGCF GP and certain limited partnership interests in the Fund have been acquired by Sage Venture Group Limited, a British Virgin Islands registered special purpose company wholly owned by AsiaPak Investments Limited. The Fund’s indirect non-controlling shareholding in K-Electric however remains unchanged,” the utility provider said in the document, which is available to Geo News.
The document adds: “The Fund is a Cayman Islands registered private investment fund with numerous institutional investors that is managed by the IGCF GP and holds multiple assets, including an indirect non-controlling shareholding in K-Electric.
