Lahore, December 31, 2018 (PPI-OT): Owing to pending notification of Multi Year Tariff (MYT) for the period from July 2016 onward, K-Electric Limited (KE) from time to time has obtained extension from SECP for holding AGM for 2017 and 2018. In the application dated 25th September, 2018, K-Electric stated the last Annual General Meeting was held on 19th September, 2017 for approval of accounts for the year ended 30th June, 2016.
The AGM for approval of accounts for the year ended 30th June, 2017 was to be held, with SECP direction, after vacation of stay order issued by Sindh High Court (SHC). While there has been no material change in the circumstances, K-Electric requested the SECP to allow the company to seek direction at a time when the company was reasonably certain about timing of AGM for FY18. K-Electric assured that the company was taking all necessary actions to sort out the matter prudently and expeditiously to hold AGM for FY18 as soon as possible.
The company lately appointed M/s. A.F. Ferguson and Co, Chartered Accountants and M/s. BDO Ebrahim and Co, Chartered Accountants as statutory joint auditors of the company for FY17.
The management has represented that AGM of the company for 2017 would now be convened upon completion of the audit within 2-3 months.
In the recent announcement (December 24th, 2018), K-Electric has notified that they have received fresh Public Announcement of Intention from Shanghai Electric Power Company Limited to acquire up to 66.4% voting shares of K-Electric Limited.
Management accounts reflect sustained business and financial risk profile of the entity. However, PACRA would continue to monitor the developments and will update its rating opinion accordingly.
For more information, contact:
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com