The share price of K-Electric (KE) jumped 7.58% during trading on Friday – the same day the utility announced the resignation of its CEO Moonis Alvi in a notice to the Pakistan Stock Exchange (PSX).
Alvi also confirmed his resignation in a post on social platform X, a few days after Governor Sindh Kamran Tessori annulled a Provincial Ombudsman’s order to remove Alvi from his post over alleged involvement in a case pertaining to workplace harassment.
On Friday, KE shares gained Re0.63 (7.58%) to close at Rs.8.94/share – at least a five-year high.
The stock price hit an intra-day high of Rs9.16 – highest in the past one year (52 weeks).
“The KE share price has seen a rise in line with the news of CEO’s resignation and emerging hopes of a new management takeover,” Muhammad Awais Ashraf, Director Research at AKD Securities, said while talking to media.
In another development, the utility warned the Power Division to immediately cease and desist from all actions, directions or communications premised upon, or giving effect to the Review Tariff Determinations in respect whereof interim orders of Sindh High Court (SHC).
In a letter to Power Division and its attached entities, outgoing CEO Moonis Alvi cited the letters of Deputy Secretary (T&S), Syed Mateen Ahmed, highlighting that the letters neither refer to nor respond to KE’s recent correspondences on the matter.
The power utility company categorically reiterated and maintained the content of its earlier letters of December 15, 2025, and January 12, 2026, saying that the untenable positions adopted in the Ministry of Energy (MoE) letters already stand fully answered, rejected and denied therein.
“This [tariff review] development also boosted positive sentiment for KE shares in the stock market,” Ashraf said.
Alvi’s resignation as KE CEO
Alvi was appointed KE CEO in June 2018. He was reappointed as the CEO in July 2025. He joined KE in 2008 and has served as the company’s Chief Financial Officer and also held the roles of Company Secretary and Head of Treasury.
In July 2025, Sindh Ombudsman ordered to remove Alvi from his position of K-Electric’s CEO, over his alleged involvement in a case pertaining to workplace harassment. Alvi termed the ombudsman’s decision “deeply distressing” for him, saying the findings did not reflect the truth of the situation as he experienced it.
The SHC suspended the Ombudsman’s order within a day.
Alvi later filed a Representation (Appeal) against the Ombudsman’s order before the office of the Governor of Sindh.
His resignation came despite Governor Sindh having set aside Ombudsman’s order.
“After 18 years with K-Electric, including almost 8 as CEO, I have decided to step down.
“It has been an honour to serve an institution so central to Karachi’s life, alongside some of the most resilient and committed professionals I know. I will support a smooth transition,” he wrote in a post on X.
According to sources, three candidates have been shortlisted for the position and a board meeting of KE is expected in the coming week, likely Tuesday (February 10) to decide the way forward.
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