LONDON: Karachi Electric (KE) has confirmed to the Pakistan Stock Exchange (PSX) that it has acquired a majority controlling stake in Infrastructure and Growth Capital Fund (IGCF) from Sage Venture Group Limited, a British Virgin Islands-based is registered. Special purpose company.
KE clarified that its letter to PSX is related to the shareholder and not KE.
A K Electric spokesperson told JEE News: “IGCF, which has an indirect shareholding in K Electric, had informed the company of the development through a letter, based on a proper disclosure to the Pakistan Stock Exchange. Done. KE.”
IGCF is part of a consortium that holds a majority stake in KE, the spokesperson said.
A K Electric spokesperson was referring to the exclusive contents of a letter published yesterday which revealed that the controlling stake in KE has been acquired by Sage Venture Group Limited.
On October 12, JEE News revealed that the sale of KE’s controlling stake overseas was nearing completion in a court on the Isle of Man.
KE informed the PSX in a letter on Thursday: “In addition to the disclosure made by KE on 18 October 2022, KE is now informed that IGCF General Partner Limited (IGCF GP), being the fund manager, changes and Infrastructure and Growth Capital Fund LP (the Fund), being the owners of the Fund’s assets, including, in particular, the controlling interests in IGCF GP and certain limited partnership interests in the Fund, Sage Venture. Group Limited, a British Virgin Islands registered special purpose company wholly owned by AsiaPak Investments Limited. There is no change in the Fund’s indirect non-controlling shareholding in K Electric.
The document added: “The fund is a Cayman Islands-registered private investment fund managed by IGCF GP with a number of institutional investors and holds a number of assets, including an indirect non-controlling shareholding in KE. Additionally, For clarification, the Fund has neither a controlling interest nor a controlling position on the K Electric Board of Directors.
“KE has also been informed that KES Power Limited, the direct majority shareholder of KE, has decided to make certain changes in its nominated directors on the K-Electric board.”
The document released to the PSX added: “The fund has no controlling interest in KE and does not have a controlling position on the KE board of directors.
“KE has also been informed that KES Power Limited, the direct majority shareholder of KE, has decided to make certain changes in its nominated directors on the KE board.”
Reliable sources familiar with the Cayman court proceedings shared with this reporter that one of Abraaj’s liquidators – namely Deloitte based in Cayman and the appointed administrators of the Abraaj-managed Infrastructure and Growth Capital Fund (IGCF), namely Alvarez and Marcel (A&M). ) based in London – have agreed to a deal which was submitted to the Cayman Court for approval under seal.
