KE’s Majority Shareholder Demands Urgent Board Elections, Warns of ‘Rogue Management’ Crisis

KE Holdings Limited (KEH), the majority indirect shareholder of K-Electric, has issued a strongly worded letter calling for immediate board elections, warning that the power utility is being “held ransom” by minority shareholders and “rogue management.”

According to KEH — which holds 53.8% of KES Power Limited, translating into 35.7% indirect ownership of K-Electric — the company is facing severe governance and performance failures that require urgent intervention. The letter addressed to CEO Moonis Alvi and the KE Board highlights four key points:

• The actual majority shareholder of KE… has spoken. Called for urgent board elections.
• Jomaih is just pretending to be the owner and holding company and city hostage. When in fact they only own 18%.
• Management has proved incompetent and destroying KE.

• Urgent attention needed by Secp and Psx to call for fresh Board elections… the Board should decide how to run the company through professional management.

KEH expressed “deep concerns” over senior management’s conduct, accusing them of leaking sensitive information, misreporting shareholder intentions, pursuing “imprudent legal strategies,” and failing to maintain constructive engagement with regulators.

The letter says KE’s management has “lost the confidence and trust” of major stakeholders, including the Government of Pakistan and NEPRA, due to poor financial results, deteriorating operations, and aggressive PR and lobbying tactics.

KEH also criticised minority shareholders — Al Jomaih Power Limited (18%) and Denham Investment Ltd (12%) — for allegedly blocking board changes for three years. KEH said the Sindh High Court injunction obtained in 2022 was later found by the Cayman Court of Appeal to have been “improperly obtained.”

With KE’s board term having expired on July 29, 2025, KEH has urged regulators, including the SECP and Pakistan Stock Exchange, to ensure fresh elections are conducted without delay. The shareholder emphasised that KE’s worsening operational and financial condition requires “new leadership” capable of restoring performance and stakeholder confidence.

The letter has also been sent to the SECP Chairman and CEO of the PSX.