Majority owners of offshore holding seek direct stake in KE | The Express Tribune
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KARACHI: The majority shareholders of an offshore holding company that owns most of Pakistani power company K-Electric said on Wednesday they have initiated legal proceedings to seek direct ownership of a stake in the utility. The power utility's holding structure has widely been considered an impediment to its acquisition by China's state-owned Shanghai Electric, a deal that has lingered for years due to regulatory and legal hurdles in Pakistan. Infrastructure and Growth Capital Fund SPV21 (IGCF), which has a 53.8% shareholding in Cayman Island-registered KES Power Limited (KESP), which in turn owns 66.4% of K-Electric, told Reuters it had filed for a Just & Equitable Winding Up of KESP in the Grand Court of Cayman Islands on Tuesday. "By this action SPV 21 IGCF simply seeks to own its shares in KE directly instead of through a holding company in the form of KESP which has unfortunately outlived its original purpose due to the continued negative acti...