ISLAMABAD: M/s Aljomaih Holding Company has approached Prime Minister Shehbaz Sharif, key Cabinet members, the Special Investment Facilitation Council (SIFC), and the Securities and Exchange Commission of Pakistan (SECP) concerning an attempted corporate raid on K-Electric Limited (KEL). They are also addressing solicitations made to the SECP to remove directives prohibiting any changes to the board of the power utility company.
Well-informed sources told NewzShewz that Abdulaziz Hamad Aljomaih, Managing Director of Investments for the Aljomaih Group—one of the largest business groups in Saudi Arabia—raised the issue. Aljomaih is a director at KES Power Ltd (KESP), Aljomaih Power Limited (AJP), and White Crystals Limited (WCL), and he has been personally associated with investments in K-Electric for nearly two decades.
His letter references a recent article published in the Business Recorder noting SECP’s “suspicions” regarding the ownership structure of KESP. The article states that KE’s rights acquisition issues remain unaddressed and that no regulatory filings or disclosures have been made by Mr. Shaheryar Chishty, despite his substantial share acquisition in KE.
Aljomaih’s letter is also addressed to SECP Chairman Akif Saeed. He mentions having come across Chishty’s unsolicited letter to the SECP dated July 5, 2024, which attempts to explain the corporate raid on KE.
“I have had the privilege of holding several meetings with the Prime Minister of Pakistan and other esteemed leaders, during which this issue has been discussed extensively. I have been assured that all KE-related matters will be resolved swiftly and fairly,” Aljomaih stated in his letter.
To ensure transparency, he included a comprehensive note from legal counsel detailing the factual background pertinent to this matter, aiming to provide a thorough understanding of the events and ongoing litigation across various jurisdictions.
“Our concerns as foreign investors in Pakistan are serious and genuine,” he continued. Aljomaih emphasized the Aljomaih Group’s commitment to ensuring K-Electric thrives, expressing grave concerns about Chishty’s attempted corporate raid and his solicitations to the SECP to lift the directive prohibiting changes to KE’s board.
“It is entirely appropriate for the SECP to take enforcement action to uphold Pakistan’s laws and prevent any incursions into KE’s board. Such actions are necessary to protect the people of Karachi, investors (including foreign investors) in KE, and the Government of Pakistan,” he maintained.
The Ministry of Investment (MoI) of the Kingdom of Saudi Arabia is also following up on this matter to facilitate further foreign investments in the country, Aljomaih noted, expressing confidence that the SECP recognizes the importance of safeguarding foreign investors’ interests.
“I trust that you will give this matter the attention it deserves and investigate further. I am, of course, available to answer any questions the SECP may have and provide any additional information related to the issues raised in this letter,” he assured Chairman Saeed.
Sources indicated that the SECP is reviewing the matter from a legal standpoint and will respond to M/s Aljomaih soon. Meanwhile, this issue is under active monitoring by the Prime Minister’s Office (PMO), SIFC, and the Ministry of Law and Justice. Ends
