Control of KESC acquired by Abraaj
Abraaj Capital

On Wednesday, the Dubai-based Abraaj Capital revealed that an agreement has been made to get a stake in the biggest shareholder of Karachi Electric Supply Company.

The result followed a government move for funding a financial support to KESC for clearance of Pepco, Hubco and PSO bills.

Finally on Wednesday the deal was made public and before this,  it was almost known to everyone that Abraaj was efficiently running KESC dealings after acquiring stakes in the offshore KES to avoid the three-year cap on Aljomaih to offload its shares.

Abraaj who manages $5 billion of money across the region will buy new shares in KES Power Limited, acquiring 50 percent stake and the company's management control. KES Power in turn owns 71.5 per cent of KESC, said a press release issued by the company.

The press release further added, "The capital injection will be used to finance new equipment at KESC's aging facilities, boost generating capacity and bring in management expertise."

Farrukh Abbas the CEO of Abraaj Capital Pakistan said, "Turning KESC around will demand time and, above all, a prerequisite that all stakeholders play their part. Discussions and agreements are being finalised with local, provincial and federal authorities."