K-E Holdings Limited has completely rejected all allegations raised by Al Jami Holding Company in letter dated November 24, 2025, calling them entirely baseless.
The company stated that the allegations are unfounded and that all legal matters and supporting evidence have been shared with the relevant authorities.
K-E Holdings, referring to its earlier letter dated November 21, 2025, maintained that the company considers it its responsibility to continuously update the Board of Directors about the actual situation, ongoing legal developments, and accuracy of records.
The letter was sent by Director Casey McDonald via email to K-Electric’s Board of Directors, SECP Chairman Akif Saeed, and PSX Chairperson Shamshad Akhtar, along with copies of multiple court rulings.
Sage Ventures Group is the Legal Owner, K-E Holdings
The letter clarified that Sage Venture Group Limited, owned by Shahryar Chishti, holds indirect legal ownership rights in K-Electric. According to the company, these shares were acquired through “legal and independent commercial transactions” from former investors.
It further stated that Sage Venture Group obtained K-E Holdings’ sole voting share and the majority stake in Infrastructure & Growth Capital Fund in October 2022 through a court-supervised sale in the Cayman Islands.
Court Rulings Against Al Jomaih Holding Company
K-E Holdings stated that Al Jomaih Holding Company and National Infrastructure Group had unilaterally obtained an injunction from the Sindh High Court. However, this order was later dismissed by the Grand Court and Court of Appeal in the Cayman Islands.
On December 5, 2025, the Court of Appeal lifted the Sindh High Court stay order, making Al Jomaih Group obliged to withdraw its actions.
K-E Now a Company of Stay Orders, Sources Say
Legal experts and stakeholders say K-Electric is spending most of its energy on legal battles and PR campaigns, while its core responsibility of providing affordable, reliable, and uninterrupted electricity has taken a back seat.
Sources noted that the company’s energies are repeatedly consumed in court over board disputes, CEO appointments, PSX, NEPRA, and shareholder conflicts, severely impacting overall performance and customer complaints.
Uncertainty Continues in the Power Sector
According to market analysts, ownership disputes, conflicts among international investors, and dozens of legal cases have affected not only the company’s governance but also the supply of affordable and stable electricity in Karachi.
K-E Holdings affirmed its commitment to continue presenting all matters in the light of facts before the relevant authorities.
