K-Electric board delays key meeting on Saudi investment to Oct 20

The much-anticipated board meeting of K-Electric, scheduled for Monday to discuss crucial matters including potential Saudi investment, was postponed. The meeting, now rescheduled for October 20, was a continuation of the board’s previous session held on October 9.

According to company insiders, the postponement was prompted by “some important internal matters including the unavailability of some board members,” marking the second such delay after the October 10 meeting was also called off at the last minute.

The upcoming meeting’s agenda includes discussions on the Saudi investment proposal, which could lead to a major shift in K-Electric’s shareholding structure. Sources said the board was also expected to review the memorandum of understanding (MoU) recently signed at the Chief Minister House in Karachi concerning the investment framework.

Chishty had confirmed to The News after signing the agreement with the Saudis that he was “selling all our shares to Prince Mansour,” adding that the transaction covers 53.8 percent of KESP, which holds 66.4 percent of K-Electric.

The board will only discuss the proposed deal; however, it cannot block it since it is a share sale and purchase agreement between two private parties — Saudi Prince Mansour bin Saud and Pakistani entrepreneur Shaheryar Chishty, Chairman of AsiaPak Investments.

“No prior approval is required for such a transaction, as it is a private arrangement between the parties,” an SECP official said.

In addition, the federal secretaries for Power and Finance are to attend the next board session, signaling the high stakes surrounding the decisions. The board is also likely to deliberate on the NEPRA-approved tariff for K-Electric, a key issue that has implications for the company’s revenue structure and consumer billing.

Another major agenda item includes the Rs25 million fine imposed by NEPRA over regulatory violations, which the company plans to contest. Sources added that ongoing renewable energy projects under K-Electric’s portfolio will also come under review as part of the utility’s broader strategy to diversify its energy mix and reduce reliance on imported fuels.

It is to be note that K-Electric is also poised for a major power supply boost as the revised Indicative Generation Capacity Expansion Plan (IGCEP) 2025–2035 projects electricity exports from the National Grid to the utility will surge to 3,456 megawatts (MW) by 2035—up sharply from 2,050 MW previously planned. The higher allocation signals growing confidence in Karachi’s energy demand and K-Electric’s expanding role in Pakistan’s power ecosystem.