Sage Venture buys stakes in IGCF, becomes KE shareholder

Sage Venture Group Limited, a British Virgin Islands-registered special-purpose entity wholly owned by AsiaPak Investments Limited, has acquired controlling interests in IGCF GP and certain limited partnership interests in the Fund, thereby becoming an indirect, non-controlling KE shareholder.

In response to this development, two KE board members have resigned.

The thirteen members of KE’s Board of Directors include three nominees from the Government of Pakistan, which holds 24.36% of the company’s shares through the Office of the President of Pakistan.

According to reports, AsiaPak Investment Limited is a Hong Kong-based private equity firm that invests in Pakistan’s infrastructure, industrials, transport, logistics, energy, and financials.

According to reports, Chishti has stakes in Daewoo Pakistan Express Bus Service Limited and Liberty Power Limited through various subsidiaries.

Shehryar Chishti, who is reportedly spearheading the transfer of IGCF shares, may have a direct or indirect presence on the Board.

K-Electric Limited (K-Electric) has been informed of changes involving IGCF General Partner Limited (IGCF GP), the fund manager, and the Infrastructure and Growth Capital Fund L.P. (Fund), the owner of the Fund’s assets, subsequent to the disclosure made by K-Electric Limited (K-Electric) on October 18, 2022.

Sage Venture Group Limited, a British Virgin Islands-registered special-purpose corporation wholly owned by AsiaPak Investments Limited, has acquired controlling interests in IGCF GP and certain limited partnership interests in the Fund.

However, the Fund’s indirect noncontrolling stake in K-Electric remains unchanged. The Fund is a Cayman Island-registered private investment fund with numerous institutional investors that is managed by the IGCF General Partner and holds a variety of assets, including an indirect non-controlling stake in K-Electric.

In addition, for the sake of clarity, the Fund does not hold a controlling stake in K-Electric or a position on the K-Electric Board of Directors. KES Power Limited, the company’s direct majority shareholder, has informed K-Electric that it has decided to make changes to its nominee directors on the K-Electric Board.