When hidden designs remain unmet

ISLAMABAD: A scheduled meeting of K-Electric’s Board of Directors could not be held on Wednesday due to a lack of quorum, momentarily halting what appeared to be a government-led effort to review matters concerning the company’s management direction.
The development comes just a day after the Sindh High Court granted a stay on NEPRA’s multi-year tariff (MYT) determination—a decision widely viewed as a major relief for the utility’s leadership.
According to a notice filed with the Pakistan Stock Exchange (PSX), the meeting, which had been slated for 14:00 hours in Islamabad “to consider matters other than financial results,” was called off after quorum requirements were not met.
Sources said that while government-nominated directors and of KES representatives attended th meeting whereas directors of Al-Jomaih and CEO KE were not present . Their absence effectively prevented the meeting from taking place.
Federal government-linked sources revealed that efforts were made by some “invisible hands” to convince all board members to attend the meeting, but these efforts remained unsuccessful, as at least the Middle East-based shareholders were reportedly unhappy with recent government decisions. Also included in the government’s proposed agenda was the issue of a $2 billion notice served by Saudi and Kuwaiti investors.
The development is being viewed within corporate and policy circles as a temporary setback for the government, which had sought to discuss internal governance matters at the utility. Without KES Power’s participation, those discussions could not proceed.
The Sindh High Court’s recent stay on NEPRA’s revised MYT—which had reduced K-Electric’s base tariff—has also bolstered the company’s position, easing regulatory pressure and reinforcing confidence in the current management.
A government insider said that, taken together, the stalled board session and the legal reprieve have, at least for now, left the existing leadership on firmer ground. For the moment, stability appears to have returned to Pakistan’s largest private power utility, though the dynamics between its public and private stakeholders remain fluid.
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