Sage Ventures acquires controlling stake in Abraaj-managed IGCF

• IGCF holds majority stakes in KE, says spokesperson.
• Controlling stake in KE is acquired by Sage Venture Group Limited.
• KE’s controlling stake sale nears completion abroad at court in Cayman Islands.

LONDON: The Karachi Electric (KE) has confirmed to the Pakistan Stock Exchange (PSX) that a large part of the controlling stake in Infrastructure and Growth Capital Fund (IGCF) has been acquired by Sage Venture Group Limited — a British Virgin Islands-registered special purpose company.

The K-Electric said in a clarification that its letter to Pakistan Stock Exchange pertained to the shareholder and not the electricity distribution company.

A spokesperson of KE told Geo.tv: "The IGCF, which has indirect shareholding in K-Electric, had notified the company of this development by way of letter, on the basis of which an appropriate disclosure has been made to the Pakistan Stock Exchange by KE.”

The spokesperson said that IGCF is one part of the consortium that holds majority stakes in KE.

The KE spokesperson was referring to the exclusive contents of a letter published here yesterday revealing that the controlling stake in KE has been acquired by Sage Venture Group Limited. 

On October 12, The News revealed that KE’s controlling stake sale nears completion abroad at a court in Cayman Islands.

“Further to the disclosure made by K-Electric Limited (K-Electric) on October 18, 2022, K-Electric has now been informed that changes have been consummated involving IGCF General Partner Limited (IGCF GP), being the fund manager, and the Infrastructure and Growth Capital Fund L.P. (Fund), being the owner of the Fund assets. In particular, controlling interests in IGCF GP and certain limited partnership interests in the Fund have been acquired by Sage Venture Group Limited, a British Virgin Islands registered special purpose company wholly owned by AsiaPak Investments Limited. The Fund’s indirect non-controlling shareholding in K-Electric however remains unchanged," the KE informed the PSX in a letter on Thursday. 

The document added: “The Fund is a Cayman Island registered private investment fund with numerous institutional investors that is managed by the IGCF GP and holds multiple assets, including an indirect non-controlling shareholding in K-Electric. Further, for the sake of clarity, the Fund does not have a controlling interest in K-Electric nor a controlling position on the K-Electric Board of Directors. 

“K-Electric has also been informed that KES Power Limited, direct majority shareholder of K-Electric, has decided to make certain changes to its nominee directors on the K-Electric Board.”

The document released to PSX added: “The Fund does not have a controlling interest in K-Electric nor a controlling position on the K-Electric Board of Directors.

“K-Electric has also been informed that KES Power Limited, direct majority shareholder of K-Electric, has decided to make certain changes to its nominee directors on the K-Electric Board.”

Trusted sources familiar with the Cayman court proceedings had shared with this reporter that one of the liquidators of Abraaj — namely Deloitte based in Cayman and the appointed administrators of an Abraaj-managed Infrastructure and Growth Capital Fund (IGCF), namely Alvarez and Marsal (A&M) based in London — have agreed a deal which was presented to the Cayman Court for approval under seal.