KARACHI: A spokesperson K-Electric stated, “As a private utility, KE has no contribution to circular debt, a fact that has been recognized by renowned global institutions.

Allowing legitimate claims will strengthen KE’s cash flows, enabling KE to accelerate planned infrastructure upgrades and deliver a more reliable power supply for its customers.”

The KE continues to actively engage with the regulator on this matter.

K-Electric is a public listed company incorporated in Pakistan in 1913 as KESC.

Privatized in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The majority shares (66.4%) of the company are owned by KES Power, a consortium of investors including Al-Jomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait and the Infrastructure and Growth Capital Fund (IGCF).

The government of Pakistan is also a shareholder (24.36%) in the company while the remaining are listed as free-float shares.—PR