Karachi Electric (KE) is the sole company responsible for generating and distributing electricity to the metropolitan city of Pakistan. Though it controls the backbone of Pakistani industry and economy through energy resource of Karachi yet there is ambiguity about who is the owner of KE?
Previously it was controlled by Government of Pakistan but during president Musharraf’s era it was privatized. Major stocks were sold to Saudi & Kuwaiti companies. Later 72.58% shares were purchased by Abraaj Capital, a firm based in Dubai.
Abraaj Capital is owned by Arif Naqvi who is a Pakistani and there are many rumours about his political affiliations though he lives outside Pakistan and was not involved in any open political activities. Questions were also raised about the CEO and senior management of the company.
Can some media house reporting about the directors and hierarchy of #k-electric and who owns it? who is #tabishGohar? #karachi #pakistan
— lost_deed (@akhu_tech) June 22, 2015
On Social Media there are rumours that President Zardari owns KE through the investment he made but there is no evidence to support such claims rather Shanghai Electric which is owned by Chinese government have purchased the shareholding of KE under the current PMLN government.
Though the final deal is stuck and acquisition is delayed because of $1 billion payables that KE is not willing to pay to government institutions such as Sui Southern Gas Company (SSGC) and National Tariff and Dispatch Company (NTDC).