Private equity firm says it has mandated Citigroup to evaluate options for its indirect stake in Pakistani utility
Abraaj Group has mandated Citigroup to evaluate options for its indirect stake in Pakistani utility K-Electric, the Dubai-based private equity firm said on Monday.
Abraaj bought a controlling stake in KES Power, the majority shareholder in K-Electric, in 2009.
Karachi-based K-Electric made a net profit of $70 million in 2013, Abraaj said. This compares with a net loss of $197 million in 2009.
KES Power holds a 69.2 percent stake in K-Electric, according to a company presentation this month. The Pakistani government owns 24.4 percent.