KARACHI: K-Electric postponed an extraordinary general meeting to April 2 and increased the number of board seats to 13 from 10 after the government said it would exercise its shareholder rights to nominate directors.
The utility informed the Pakistan Stock Exchange (PSX) on Wednesday that the decision followed a communication from the Ministry of Energy’s Power Division indicating the government would participate in the board nomination and election process.
The ministry advised the company to proceed with elections for 13 directors instead of the previously announced 10, according to the filing. KE’s board subsequently revised its earlier resolution and approved holding elections for all 13 seats. The company also rescheduled the extraordinary general meeting to April 2 from March 25, subject to regulatory requirements.
The Securities and Exchange Commission of Pakistan (SECP) approved the revised date on March 10 after the company completed the required legal and procedural formalities, the filing said.
Candidates seeking to contest the board election must submit their notices of intention and supporting documents to the company’s registered office by March 19, 14 days before the meeting.
K-Electric, the sole power distributor for Karachi, has operated under a frozen board structure since July 2022 after litigation over its last directors’ election led to a court-ordered stay on changes to the board.
The interim order, issued in October 2022, effectively stalled the company’s governance cycle and was repeatedly cited by the company as the reason fresh elections could not be held, including those due in mid-2025.
