Shan A. Ashary, a director of KES Power Limited (KESP), the parent company of K-Electric, has refuted media reports suggesting that Hasan Chishty signed a Memorandum of Understanding (MoU) with a Saudi investor for the sale of his interest in KES Power Limited, terming the claims “misleading and factually incorrect.”
The development was disclosed by KE in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
In a letter written on behalf of Al Jomaih Power Limited (AJP) — one of the main shareholders in KESP — Ashary clarified that neither the KESP Board nor its shareholders have been informed of any such transaction.
“Aside from the reports advanced in the media, I am not aware of any transaction for the sale of shares in KESP. Significantly, no information has been provided to the Board of KESP or to the shareholders of KESP,” read the letter.
Ashary, in his letter, expressed concern that the announcement is intended to influence public opinion in Pakistan by generating extensive coverage as well as assume a semblance of respectability in official circles through apparent affiliation with Saudi officials.
“Media releases of this type are not in the interests of KESP or any other shareholder of KE. That is particularly the case where those officials have not informed us or KE of their intention to proceed. In substance, this appears to amount to little more than a photo opportunity,” added the letter.
The response came days after two key memorandums of understanding (MoUs) about KE’s ownership were signed during an event hosted by Sindh Chief Minister Syed Murad Ali Shah for Prince Mansour bin Mohammed Al Saud, Chairman of the Saudi-Pak Joint Business Council, and a 30-member distinguished business delegation at the CM House.
The first MoU was signed for the sale and purchase of shares in KES Power Ltd. The second MoU was signed between K-Electric Limited and Trident Energy Ltd to explore strategic cooperation and investment opportunities in Pakistan’s power sector, reported Business Recorder.
Clarifying the company’s ownership structure, Ashary informed that Chishty “does not own any shares in KESP and so he cannot sell any shares”.
“The shareholders in KESP are AJP. Denham Investments Limited (Denham) and IGCF SPV 21 Limited (SPV 21). The sole director of SPV 21 is Casey McDonald. Accordingly, the only person that can legally sell the shares in SPV 21 is McDonald,” read the letter.
The letter further said that the agreement entered into between the shareholders of KESP (SHA) “prohibits Casey McDonald and SPV 21 from permitting or taking any action which would result in a change of control of SPV 21 itself,” without the consent of AJP and SPV 21.
“In contravention of the above provision, Chishty has sought to take control of SPV 21 absent the consent of AJP and/or Denham. AJP and Denham have commenced proceedings in the Cayman Islands to restrain that breach.
In a judgment dated 31 July 2025, the Cayman Islands court concluded that “there was a serious issue to be tried as to whether SPV 21 had breached the SHA by permitting or allowing Chishty to take control of SPV 21.
“For all of the above reasons, I do not believe that Chishty has any right or entitlement to sell any shares in KESP and the Grand Court of the Cayman Islands has held that any attempt by him to control SPV 21 would breach the SHA. Absent an agreement with AJP and Denham or compliance with the SHA, there can be no change,” concluded Ashary’s letter.
