Pakistan Company News – Material Information of K-Electric Limited

Material Information of K-Electric Limited

Karachi, K-Electric Limitedinformed Pakistan Stock Exchange that NEPRA decision on KE MYT on reconsideration application filed by the Government of Pakistan is still awaited. As the preparation of financial statements for the year ended 30 June 2017 is dependent on a new tariff to be determined by NEPRA, therefore, the Company has requested SECP to issue a fresh direction for holding of Annual General Meeting under Section 147 of the Companies Act, 2017 within two months from the date of notification of a new tariff for K-Electric by NEPRA.

K-Electric Limited formerly Karachi Electric Supply Company Limited was incorporated as a limited liability company on September 13, 1913. The foundations of the business were laid using the repealed Indian Companies Act, 1882 which is now referred to as the Companies Ordinance, 1984. The company is engaged in the business of generation, transmission and distribution of electric energy to industrial and other consumers under the Electricity Act, 1910 and Nepra Act, 1997. The registered office of the company is located in Karachi. The stocks of the company are quoted on the Karachi, Lahore and Islamabad Stock Exchanges of Pakistan.

The company is at present a vertically-integrated power utility in Pakistan that manages the generation, transmission and distribution of electricity to the city. The Company covers an area of over 6,500 square kilometers and supplies electricity to all the industrial, commercial, agricultural and residential areas that come under its network, comprising over 2.2 million customers in Karachi and in the nearby towns of Dhabeji and Gharo in Sindh and Hub, Uthal, Vindar and Bela in Balochistan. The workforce employed by the company is more than 11,000 people. The entity was nationalized in 1952 but re-privatized on November 29, 2005. KESC came under new management in September, 2008 and was renamed as the Karachi Electric Supply Company which has now been rebranded as K-Electric.

The symbol “KEL” is being used by the stock exchanges for the shares of K-Electric Limited.