Saudi Prince Mansour Acquires Majority Stake in K-Electric
Saudi Prince Mansour bin Saud will acquire a controlling stake in K-Electric, Pakistan’s largest private power utility. The move signals a new phase of Saudi investment in Pakistan’s growing energy market.
Pakistani entrepreneur Shaheryar Chishty, Chairman of AsiaPak Investments, confirmed the deal on Friday. He said 53.8% of shares in KES Power Limited — which owns 66.4% of K-Electric — are being sold to the Saudi investor. “Yes, we are selling all our shares to Prince Mansour,” Chishty told The News.
The signing ceremony took place at the Chief Minister’s House in Karachi. Senior Saudi and Pakistani officials attended the event. Their presence showed the strong business partnership developing between both countries.
Boost for Pakistan’s Energy Future
Officials called the deal a major breakthrough for Pakistan’s energy industry. It could finally end years of ownership disputes that discouraged major players like Shanghai Electric from investing. As a result, the agreement may attract new foreign capital into Karachi’s generation, transmission, and distribution networks.
Sindh Chief Minister Murad Ali Shah welcomed a 30-member delegation from the Pakistan-Saudi Business Council. He highlighted Sindh’s achievements under the public-private partnership model and invited Saudi investors to explore other key sectors.
Prince Mansour said Saudi Arabia sees great promise in Pakistan’s privatization program. He emphasized Saudi Arabia’s long-term commitment to strengthening cooperation in the power sector.
Two MoUs were signed at the event. The first covered the sale and purchase of shares in KES Power Limited. The second, between K-Electric and Trident Energy Limited, aimed to explore strategic investment opportunities.
Officials described these agreements as a strong vote of confidence in Pakistan’s reform agenda. They believe the Saudi investment will enhance energy reliability, create jobs, and attract more international investors.
