Abraaj Capital, the premier investment firm specializing in private equity investment in the Middle East, North Africa and South Asia (MENASA).
Abraaj, which manages $5bn of funds across the region, will buy new shares in KES Power Limited, giving it a 50% stake and management control of KES Power. KES Power in turn owns 71.5% of KESC.
The capital injection will be used to finance new equipment at KESC's aging facilities, boost generating capacity and bring in management expertise.
Saudi Arabia's Al Jomaih Group and Kuwait's National Industries Holding -- KES Power's existing owners - will remain as shareholders.
"Turning KESC around will demand time and, above all, a prerequisite that all stakeholders play their part. In-depth discussions and agreements are being finalized, notably with local, provincial and federal authorities" said Farrukh Abbas, CEO of Abraaj Capital Pakistan. "These agreements will be critical to the future of the company, the safekeeping of its employees and all the people of Karachi."
"Every side has a part to play. Ours includes providing very substantial funding and, critically, identifying and supporting a competent, professional management team with an established track record in the power sector. I want to stress Abraaj Capital's commitment to the future of the 17,000 employees who work at KESC, often under very difficult circumstances. This massive project is also critical to the lives of all the people of Karachi and touches the economic viability of the entire country."
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Abraaj Capital agrees to buy stake in Karachi Electric Supply Company
- United Arab Emirates: Wednesday, October 15 - 2008 at 15:13
- PRESS RELEASE
Abraaj Capital has entered into an agreement to acquire a stake in the biggest shareholder of Karachi Electric Supply Company Limited (KESC), the city's sole power provider.
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About Abraaj Capital: Based in Dubai, Abraaj Capital is the premier investment firm specialising in private equity investment in the Middle East, North Africa and South Asia (MENASA) region. The management team has brought together some of the most compelling and successful transactions in the history of leveraged acquisitions across the region.With $5bn of assets currently under management, Abraaj has pioneered institutionalizing private equity practice in the region and is setting trends and benchmarks for others to follow.
Winner of industry awards including 'Middle Eastern Private Equity Firm of the Year' from Private Equity International (2005, 2006 & 2007), the Banker Middle East Award for 'Best Private Equity House' in 2006 and for 'Outstanding Contribution to Financial Services' in 2007 and 'Best Private Equity House' at the World Private Equity Awards, MENA in 2007. Arabian Business recognized Abraaj among the 50 Most Admired Companies in the GCC in 2007. Abraaj is also the first pure private equity firm to be registered by the Dubai Financial Services Authority to operate out of the Dubai International Financial Centre.
Apart from managing its five private equity funds, Abraaj Capital Holdings Limited (ACHL) itself is extremely well capitalized, with an issued share capital of $1bn. Its 167 professionals come from 28 nationalities and achieve a coverage that spans the MENASA region. For more information please visit www.abraaj.com
For further information, please contact:
James Cordahi / Jessica Karia
Abraaj Capital
Tel: 971-4-3191500
Fax: 971-4-3191600
Nicholas Nesson / Nitin Nambiar
ASDA'A Public Relations
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Posted by Lara Lynn Golden, News EditorWednesday, October 15 - 2008 at 15:13 UAE local time (GMT+4)
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