Author name: Web Desk

K-Electric’s long-running shareholder dispute has taken a decisive turn, as KE Holdings Limited (KEH) secured multiple victories across courts in the Cayman Islands and the UK, strengthening its position in the power utility’s board control saga. The developments were disclosed in a regulatory filing to the Pakistan Stock Exchange (PSX) Background of the Dispute: KEH — formerly IGCF SPV 21 Limited — gained its stake in K-Electric (PSX: KEL) through Sage Venture Group Limited, owned by business executive Shaheryar Chishty. The acquisition, completed in October 2022, followed arm’s length transactions supervised by the Grand Court of the Cayman Islands. Following the takeover, KEH nominated two directors: Mr. Shaheryar ChishtyMr. Darin Baur These nominations aligned with the KES Power Limited (KESP) Shareholders’ Agreement, which outlines governance rights among KEH, Al Jomaih Holding Co, and Denham Investments Ltd (NIG). However, Al Jomaih and NIG quickly moved to block these changes through an ex parte injunction obtained from the Sindh High Court (SHC) on October 21, 2022. However, Al Jomaih and NIG quickly moved to block these changes through an ex parte injunction obtained from the Sindh High Court (SHC) on October 21, 2022. Cayman Courts Rule Against Al Jomaih & NIG: In July 2023, the Grand Court of the Cayman Islands declared that the SHC proceedings violated the contractual shareholders’ agreement and ordered Al Jomaih and NIG to withdraw their actions. The case then advanced through several appeals. Recent Legal Milestones: December 5, 2025, Cayman Court of Appeal Decision: The Court of Appeal dismissed Al Jomaih and NIG’s appeal, effectively affirming KEH’s rights under the shareholders’ agreement. The decision lifted the stay on the earlier August 16, 2023 Order, which requires: Immediate termination of SHC proceedings against KEH, KESP, K-Electric, and Alvarez & MarsalA bar on initiating similar proceedings outside the Cayman Islands or English courtsA prohibition on pursuing any further steps in Pakistan regarding the dispute Privy Council Ruling, November 24, 2025 The Judicial Committee of the Privy Council, the highest appellate authority for Cayman Islands cases, upheld the anti-suit injunction against Al Jomaih and Denham. The Council criticized the appellants, stating: “Having made one volte-face… the appellants now seek to do so again. This is not how appellate litigation should be conducted.” These rulings represent five consecutive legal wins for KEH. New Evidence: Communications With Arif Naqvi: In separate proceedings on November 28, 2025, the Grand Court ordered Al Jomaih and NIG to disclose documents related to discussions with Arif Naqvi (founder of the collapsed Abraaj Group) in 2023. Emails presented by KEH suggested discussions between Al Jomaih’s representatives and Naqvi about: Challenging Sage’s acquisitionInfluencing KESP board decisionsPlanning litigation strategies KEH expressed “serious concern” over this relationship, given Naqvi’s ongoing legal challenges and pending extradition to the U.S. Questions Over Minority Shareholder Lawsuits Another case emerged on September 6, 2023, when: Two minority shareholdersAnd a self-described “concerned citizen” filed a lawsuit in SHC mirroring the earlier 2022 filing. KEH highlighted that these shareholders own only 7,500 shares, worth roughly Rs 41,000 ($145), prompting questions over: Who is funding the litigation:Whether the case is being used to prolong Al Jomaih and NIG’s claims KEH has urged Pakistani regulators to investigate. Next Steps: SECP & Board Restructuring KEH is now pressing for the removal of the SECP restriction placed on November 8, 2022, under Section 125 of the Securities Act 2015. According to KEH, “no basis remains” for this ban. Once: K-Electric will be required to hold an Extraordinary General Meeting (EGM) to elect a new board, including KEH-nominated directors. Both Chishty and Baur bring extensive experience in Pakistan’s power sector, something KEH believes will help K-Electric improve: Operational efficiency:Financial performance Service quality for Karachi The latest legal victories significantly strengthen KEH’s position in the ongoing K-Electric ownership and control dispute. With the Cayman and Privy Council rulings now settled, pressure is mounting on Al Jomaih and NIG to comply and withdraw their Pakistan-based legal challenges. What happens next, especially the SECP’s response and the timeline for K-Electric’s board restructuring, will be critical for the future governance and strategic direction of Pakistan’s largest power utility.

Pakistan-based wedding tech startup Shadiyana has raised $800,000 in an oversubscribed pre-seed round led by Indus Valley Capital (IVC), taking total funding close to $1 million. The capital will fuel product development and nationwide expansion as the company aims to bring efficiency and transparency to Pakistan’s massive Rs900 billion ($3.21 billion) wedding industry.Launched in Islamabad, Shadiyana’s all-in-one wedding planning platform has already crossed 500,000 users, onboarded 600+ verified vendors, and facilitated planning for over 30,000 weddings. The startup is now aggressively scaling into Lahore and Karachi while enhancing its mobile app with smarter tools for venue discovery, vendor management, budgeting, guest lists, and real-time coordination.“We get a rush from every new booking,” said Neelam Shoaib, Co-Founder and COO. “That passion drives us to transform Pakistan’s grand but chaotic wedding ecosystem into something seamless, smart, and truly ubiquitous.”With millions of weddings taking place annually in Pakistan, Shadiyana plans to deepen its vendor network across more cities, roll out advanced technology-driven features, and significantly strengthen its team in the coming months.

Dun & Bradstreet Pakistan and Gallup Pakistan have released the 19th edition of the Consumer Confidence Index (CCI) for the first quarter of FY2025-26, revealing a notable dip in sentiment. The index fell to 86.4, down from 96.2 in the previous quarter—a 10.2% decline. Despite this drop, confidence remains 18.5% higher year-on-year, signaling improvement compared to the same period last year.The CCI tracks consumer perceptions of the economy and personal finances across four parameters: household financial situation, national economic conditions, unemployment, and savings. Both current sentiment and future outlook weakened this quarter. Current confidence plunged to 74.7 from 88, while future confidence eased to 98.2 from 104.3, reflecting cautious optimism.Inflation remains the top concern, with 84% of respondents reporting price hikes for essential goods. Unemployment also persists as a major challenge, with a net indicator of 56.5, highlighting widespread labour market strain. Perceptions of Pakistan’s economic situation dropped from 100.8 to 92.5, and fewer respondents expect improvement in the next six months. Encouragingly, optimism about household finances endures as 62% expect stability or improvement in the coming months. Commenting on the findings, Bilal I. Gilani, Executive Director at Gallup Pakistan, said: “This quarter’s drop in consumer confidence reflects inflation and weak job sentiment. People are less upbeat about the present, but they still expect the future to be better. This tells us that stability has helped, but it can only take confidence so far. Without real economic growth, consumer sentiment will not rise much further. In short — people are waiting for jobs and income to grow before they fully believe in a recovery” Zubair Qureshi, Chief Business Officer at Dun & Bradstreet Pakistan, added: “The Consumer Confidence Index is a critical barometer for understanding market sentiment. While short-term challenges persist this quarter, the resilience in household financial expectations signals that businesses have an opportunity to align strategies with evolving consumer priorities.”Confidence fell across all demographics, with urban respondents down 24%, rural down 21%. The steepest decline was witnessed among ages 30–49 (-27%). The survey was conducted telephonically among 2,132 respondents between September and October 2025.

Islamabad/Washington: The International Monetary Fund (IMF) Executive Board has formally approved the release of approximately $1.3 billion for Pakistan under its ongoing $7 billion Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) programs.This marks the third tranche disbursed to Pakistan since the 37-month EFF was signed in September 2024, bringing total disbursements to $3.3 billion.The approval follows the successful completion of the second review, during which Pakistan met all quantitative performance criteria and structural benchmarks well ahead of schedule.Key milestones highlighted by the IMF and Ministry of Finance: First current account surplus in 14 yearsInflation brought under firm control through disciplined fiscal and monetary policySignificant build-up in foreign exchange reserves, restoring investor confidenceCompletion of the Governance and Anti-Corruption Diagnostic ReportContinued energy sector reforms aimed at reducing circular debt and improving efficiencyIntegration of climate-resilient policies in the aftermath of the 2022 floods Previous tranches under the program: September 2024 → $1.0 billion (first tranche)May 2025 → $1.0 billion (second tranche)December 2025 → ~$1.3 billion (third tranche – approved today) Finance Ministry officials termed the swift approval a “strong endorsement” of the government’s reform agenda and its commitment to transparency and structural changes.With reserves bolstered and macroeconomic stability restored, the government has pledged to stay the course on energy pricing, tax reforms, and climate-related initiatives to ensure long-term sustainable growth.The next IMF review is tentatively scheduled for early 2026.

WOLFSBURG, Germany – Volkswagen Group will invest €160 billion ($186 billion) through 2030, CEO Oliver Blume announced on Monday, confirming a significant cutback as Europe’s largest carmaker grapples with deepening crises in its two biggest markets, China and the United States. The new five-year rolling plan (2026–2030) marks a €5 billion reduction from the previous €165 billion framework (2025–2029) and is €20 billion lower than the €180 billion plan set for 2024–2028, when spending had peaked. Blume described the move as “disciplined capital allocation” amid weak demand for electric vehicles in Europe, intensifying price wars with Chinese rivals, and looming U.S. tariffs under the incoming Trump administration. Approximately two-thirds of the €160 billion will flow into electrification and digitalization, while the remainder will support combustion-engine platforms, particularly in growth regions such as South America and India. The announcement comes just days after Volkswagen shocked Germany by threatening to close domestic plants for the first time in its 87-year history and amid stalled wage talks with labour unions. Analysts view the trimmed capex as evidence that Europe’s auto giant is entering a prolonged cost-cutting era to defend profitability.