Abraaj Capital will also take management control of the company.

KES Power owns 71.5 per cent of Karachi Electric Supply Company (KESC), the sole provider of power to Pakistan’s largest city.

KESC was privatised in 2005. Saudi Arabia’s Al-Jomaih Group and Kuwait’s National Industries Holding who previously owned 60 per cent and 40 per cent of KESC will remain as minority shareholders.

Abraaj Capital currently has $5bn of assets under management.