KARACHI: In a significant development, Saudi investor Prince Mansour bin Saud is set to acquire a controlling stake in K-Electric, the country’s only privatised largest power utility.
Pakistani entrepreneur Shaheryar Chishty, chairman of AsiaPak Investments, confirmed on Friday that 53.8% shares of KES Power Limited (KESP) — which holds 66.4% ownership in K-Electric — are being sold to the Saudi investor under a newly signed memorandum of understanding (MoU).
When contacted, Chishty confirmed the transaction, saying, “Yes, selling all our shares to Prince Mansour,” adding that the deal covers KESP’s entire 53.8% stake.
The signing ceremony took place at the Chief Minister’s House in Karachi, attended by top Saudi and Pakistani officials. The agreement represents a major step in Saudi Arabia’s investment drive in Pakistan’s energy sector and is expected to attract fresh foreign capital into Karachi’s power generation, transmission, and distribution infrastructure.
Officials called the deal a breakthrough for Pakistan’s energy market, likely ending the prolonged ownership tussle that had discouraged major investors such as Shanghai Electric from entering the sector.
According to the Sindh Chief Minister’s Office, a 30-member delegation of the Pakistan-Saudi Business Council arrived in Karachi for the event and was received by CM Murad Ali Shah, who highlighted Sindh’s success under the public-private partnership model and invited Saudi investors to explore opportunities in multiple sectors.
Prince Mansour bin Saud said Saudi Arabia sees “significant potential in Pakistan’s privatisation process” and is committed to long-term cooperation in the energy sector.
Two MoUs were signed during the event — one covering the purchase and sale of shares in AsiaPak Power Limited (KESP) and another between K-Electric Limited and Trident Energy Limited to explore strategic cooperation and investment opportunities in Pakistan’s power industry.
Officials said the agreements represent a strong vote of confidence in Pakistan’s energy sector, signalling renewed international investor interest and a shared commitment to improving the country’s electricity generation and distribution system.
