On Wednesday Saudi Arabia’s Al-Jomaiah group attained an early resolution of over dues of K-Electric [KE] and encourages the government and public division entities to clear the path for the power utility’s takeover by China’s Shanghai Electric Ltd.
A press statement issued by KE stated that the managing director investments of Aljomaiah holdings Abdulaziz Hamad Aljomaiah desire for the government of Pakistan would want to step up the removal of any hindrances to the cessation of Shanghai Electric Power’s [SEP] proposal to take a 66.4 percent controlling stake in K-Electric Ltd.
The statement was issued on the cessation of a two-day visit of the Saudi company’s official, where it has been said that Aljomaiah was one of the largest investors in KE through a partnership that brought out KESC in 2005.
KE further added that Mr. Aljomaiah was in Pakistan to seek resolution of challenges facing KE with the inclusion of the long-standing issue of over dues involving the power utility and several government entities.
KE furthermore adding that the government had assured the Saudi investor that it will extend its support to expedite the process of approvals that held up Tariff Differential Claims of about Rs275 billion on a principal basis released at the earliest.