A Kuwaiti consortium has bought 29 percent stake in Karachi Electric Supply Corporation (KESC) for dollars 150 million, the consortium''s leader said on Saturday.
The government has been trying to find buyers for KESC since 1997. A Saudi group won the bidding for 73 percent stake earlier this year, but failed to make any payments.
National Industries Holding Group said in a statement on the Kuwait bourse website that it led a consortium, which had bought part of that stake.
"The consortium''s acquisition is equivalent to 29 percent of Karachi Electric Co," the statement said.
Saudi group Kanooz al Watan acquired a controlling interest by offering dollars 265.57 million at an auction in February, but failed to deposit the required amount.
In June, Pakistan asked local companies to submit an offer for 73 percent of the utility.
National Industries now has a 17.5 percent stake, with the rest equally divided among National Industries Co for Building Materials, Kuwait Privatisation Projects Holding Co, Al-Ahleia Insurance Co and Nur Financial Investment Co.
KESC has been in the red for years and its transmission and distribution losses stand at 36 percent, mainly due to rampant power theft and a dilapidated distribution network.
The statement said KESC would be able to raise capacity to around 1,850 kilowatts from 1,250.