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Article: ABARAJ TO BUY STAKE IN KARACHI ELECTRIC SUPPLY CO.
- Article from:
- AsiaPulse News
- Article date:
- October 17, 2008
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KARACHI, Oct 17 Asia Pulse - Abaraj Capital, the premier investment firm specialising in private equity investment in the Middle East, North Africa and South Asia (MENASA), 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.
Abaraj, which manages US$5 billion of funds across the region, will buy new shares in KES Power Limited, giving it a 50 per cent stake and management control of KES Power. KES Power in turn owns 71.5 per cent of KESC. The capital injection will be used to finance new equipment at KESC's aging facilities, boost generating capacity and ...