K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.
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SHC dismisses petition challenging KE privatization
KARACHI: Sindh High Court (SHC) has dismissed a constitutional petition that has challenged the privatization of K-Electric, the power distribution company.
In a note sent to Pakistan Stock Exchange (PSX) on Monday, K-Electric Limited said that the court had dismissed constitutional petition bearing No. D1511-2012 titled as KESX Labour Union and Others vs. Federation of Pakistan and others’ along with related petitions on January 21, 2020, whereby the court had dismissed the said petition through which the privatization of the K-Electric Limited was challenged.
The judgment was announced in the open court. However, the certified copy of the afore-noted judgment is still awaited, K-Electric said.
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PSX issues notice to K-Electric to explains unusual price movement
KARACHI: Pakistan Stock Exchange (PSX) on Thursday issued notice to K-Electric Limited to explain unusual movement in its price and volume during past few days trading.
The stock exchange said that under Section 97 of the Securities Act, 2015 and clause 5.6.3 of the PSX Regulations whereby the listed companies are required to respond promptly by disclosing the following to the public if there are unusual movements in the price or volume of its traded securities is observed:
(a) Details of any matter or development of which it is aware that is or may be relevant to the unusual movements, or
(b) A statement of the fact that it is not aware of any such matter or development.
The PSX observed that reviewing the trading data of the company, it had been noted that the volume of KEL had experienced substantial increase during the last few days.
“Please not that in case of any material/price-sensitive information that is likely to affect the market price/volume, you [the company] are required to share the same the exchange for its onward dissemination to all market participant as prescribed under clause 5.6.1 of the PSX Regulations.”
In view of the above and in the absence of any material announcement of the company, you [the company] are advised to furnish the reason and/or any material information in company’s knowledge which may have resulted in substantial increase in volume in terms of clause 5.6.3 of PSX Regulations and Section 97 of the Securities Act, 2015 immediately, through PUCARS for information of all market participants.
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Shanghai Power allowed extension for public announcement offer to acquire KE shares
KARACHI: Securities and Exchange Commission of Pakistan (SECP) has allowed 90 days extension to Shanghai Power Company to make public announcement of offer to acquire 66.40 percent ordinary shares of K-Electric Limited.
According to a communication to Pakistan Stock Exchange (PSX) on Tuesday related to extension in timeline for public announcement offer to acquire up to 4,639,825,784 ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited.
Arif Habib Limited in the letter said with reference to the public announcement of intention published on June 30, 2020 to acquire 66.40 percent ordinary shares of K-Electric Limited by Shanghai Power Company Limited under the provision of regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017
The SECP in its letter said that the authority had granted the extension of ninety days to make public announcement of offer by Arif Habib Limited, which now may be made till March 27, 2021.
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K-Electric experiences cyber-attack
K-Electric Limited, the primary power utility provider for Karachi, faced a cyber-attack attempt earlier this week, resulting in the disruption of a few services. The company disclosed this incident in a statement released on Thursday, emphasizing that critical customer services remain unaffected.
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K-Electric declares 48 percent decline in profit after tax payment of Rs2.02 billion
K-Electric, the primary electric power supplier for Karachi, reported a significant reduction in net profits due to an increased tax burden during the first half of the fiscal year 2019/2020.
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KE starts updating information of industrial, commercial consumers for tax purpose
KARACHI: K-Electric has launched updating details of industrial and commercial consumers, which is mandatory under income tax law.
The company, which is providing electricity to 2.5 million consumers including residential, commercial, industrial and agriculture, has asked the consumers to update their details through an electronic form along with providing details of CNIC and NTN.
The K-Electric said that pursuant to Section 181AA of Income Tax Ordinance, 2001 all entities with industrial and commercial electricity connections are required to maintain a National Tax Number (NTN) issued by the Federal Board of Revenue (FBR).
In order to comply with the above-mentioned law, KE is updating its customer information database and in this regard we request you to share your NTN and CNIC numbers at earliest for our record.
The power utility asked the consumers to provide details, included: name, CNIC, consumer number, mobile number, NTN, email address and occupancy.
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Excessive Billing: NEPRA asked to conduct detailed audit of K-Electric
KARACHI: Sindh Governor Imran Ismail on Tuesday asked National Electric Power Regulatory Authority (NEPRA) to conduct detailed audit of K-Electric as many complaints were received related to excessive billing.
In a letter to Tauseef H Farooqi, Chairman, NEPRA, the Sindh governor said that on a daily basis, a large section of society was complaining against K-Electric (KE) authorities for multiple issues, one out of them is excessive billing. Unfortunately, KE-being the sole electricity provider to Karachi City has an obvious monopolistic approach towards its consumers.
“It becomes a nightmare for a common person, when he receives an exaggerated bill from KE, as there is a general perception that such situation has no remedy,” according to the letter.
As a matter of fact, KE instead of giving people relief against their complaints, advise them to pay the billed amount first (to avoid disconnection of electricity) and then wait for what KE decides upon their complaints.
It is pertinent to add that these complaints are not limited with domestic consumers only, commercial and industrial consumers are also facing similar approach from KE, and voicing against excessive billing at different forum.
The Sindh governor proposed that the NEPRA to accord instructions for conducting a thorough audit of complaints lodged against KE for excessive billing.
“And those which are found valid, be refunded their excessive paid amount instantly,” according to the letter.
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K-Electric seeks stakeholders meeting to explain power generation
KARACHI: K-Electric, the power supply and generation utility, has requested Sindh governor for a meeting of stakeholders to discuss matters pertaining to power generation.
The power utility is under serious criticism for continuous breakdown of power in Karachi, the commercial hub of the country. The residents and business community equally suffered with unscheduled loadshedding for hours.
The power utility has its challenges and wanted to explain. In a letter to Sindh governor, the KSE has requested a meeting with all relevant stakeholders to discuss matters pertaining to power generation, its planning and matter related to financial management, the KE said in a tweet massage a few minutes ago while filing this new item at 1:22AM Saturday.
Furthermore, KE wants to present the steps taken as safety measures for the upcoming Monsoon season along with highlighting the city wide hazardous issues pertaining to power theft, illegal street light switches, and encroachment.
Work has been initiated to receive additional power from National Grid upon confirmation last month. Also, work is already in progress for the 900MW power plant for which the first unit will start generation from 2021.
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Shanghai Electric submits fresh intention to acquire 66.4pc K-Electric shares
KARACHI: K-Electric on Tuesday said that it has received fresh Public Announcement of Intention (PAI) from Shanghai Electric Power (SEP) Company Limited (SEP) to acquire up to 66.40 percent voting shares of K-Electric Limited, subject to receipt of regulatory and other approvals.
This PAI has been notified to the K-Electric Board of Directors on 30 June 2020.
A copy of the said PAI and disclosure form are enclosed. The SECP and PSX are requested to make the above information immediately available to the shareholders of K-Electric under regulation 5(1) of Takeover Regulation 2017 by placing it on the notice board and through notification on automated information system and make an announcement on the house of the Exchange.
SEP was established in 1882 and then transformed into a limited company in 1998.With a long history of 138 years, SEP is one of the major electric energy companies in Shanghai and is also a publicly-traded company listed on Shanghai Stock Exchange under ticker 600021.
It is principally engaged in the development and construction of electricity, as well as its operation and management business.
For the financial year ended December 31, 2019, SEP recorded an annual net profit of RMB2.0billion (US$289.7million) and an annual power generation of 48.66TWh.
As of December 31,2019, SEP has an overall installed capacity of 15.8GW, with contributions of 53.92%, 15.16%, 13.58%, and 17.34% from coal power, natural gas power, wind power, and solar power respectively.