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Mon 30 Jun 2014 01:55 PM

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Dubai's Abraaj to mull options for K-Electric stake

Private equity firm says it has mandated Citigroup to evaluate options for its indirect stake in Pakistani utility

Dubai's Abraaj to mull options for K-Electric stake

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.

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