Offshore Company Gives Up Indirect Stake in K-Electric

Infrastructure & Growth Capital LP no has no indirect stake in K-Electric Limited (PSX: KEL) after giving up its shares in K-Power Holding Limited, KEL informed the main bourse on Monday. “It has been informed through the letter that certain changes have taken place that has impacted the shareholding and ownership structure of K-Electric. According to the said letter, Infrastructure & Growth Capital LP (the “Fund”) made a distribution in kind to its Limited Partners of all the shares held by it in K-Power Holding Limited (KPH) (formerly IGCF SPV 26),” the stock filing stated. “Subsequent to the said distribution, the Fund now has no indirect interest in KE. Further, the letter states that the said distribution did not change the Ultimate Beneficial Ownership of IGCF SPV 21 Limited, which is an indirect shareholder of K-Electric,” it said. The filing added, “Moreover, the letter also informs that SVGL now holds a 46.11% stake in KPH which indirectly holds a 25.2% interest in K-Electric. However, the shareholding/control of KE, i.e., 66.4%, held through KESP, remains unchanged”. The Fund is a Cayman Island registered private investment fund with numerous institutional investors that is managed by the IGCF GP and hold multiple assets.