KARACHI - The new management of the KESC, Abraaj Group, and its former owner, Aljomaih, have locked horns over price of the shares of the company to be acquired by the new management," reliable sources told The Nation on Sunday. "The agreement for the share transfer did not materialise till 30 November 2008. It was for the reason that the privatization commission had not given waver to the Abraaj group. The share transfer was withheld till the date as after privatization the shares were not transferable for 3 years to any other company. Aljomaih had sold out the shares unofficially and appointments were being made at the management level by Abraaj," said the source. "The company is running on ad-hoc basis. The new management is running the company since last July last year. This is all done unofficially. They are still not the legitimate proprietor of the KESC," he added. "This is the second time that the Aljomaih group has done harm to the company, previously they have sold 22 % shares of the KESC to a Kuwaiti group. Interestingly, the amount Aljomaih paid for per share was Rs. 1.65. But they sold the shares with the price of Rs. 4 per share. The actual amount that the Aljomaih paid to be the owner of KESC was Rs. 15.860 billion for 71.5 % shares of the company. By selling the shares for Rs. 4 per share, Aljomaih got back more amount than they have invested to buy the loin's share in the KESC," he further added. "It looks as if Aljomaih has left the company and had not invested any money in the KESC; Abraaj will also do the same if they remained in a dead lock over the share price," he further expressed. When contacted to inquire about the issue Ayesha Eirabie, Director cooperate communication, said that Abraaj is not buying shares from Aljomaih. Abraaj will invest the money in the company which will dilute Aljomaih share in the company, she said, adding the new shares will be created for Abraaj. By investing $361 million, Abraaj will be the partner of 50 % shares of the KES power. It is pertinent to mention here that when the KESC was first privatized, its 73 % shares were sold out. Aljomaih bought 71.5 % shares of the company which leaves them as the major buyer. While 0.5 % shares were sold out to Hasan associate and 1 % to the company owned by Haleem Siddique. The share rate was Rs. 1.65 per share. It is worth mentioning here that the KESC has been witnessing great financial debts and liabilities. The hike in power tariff that has been condemned by all the sectors of life has brought no good change in the performance of the company. The new management is drawing lavishing salaries while the power condition in the city remains substandard. "It's astonishing that the load-shedding persists even in winter. 2 to 3 hours of power outages are the routine of this metropolitan. The company has an excuse that they are doing maintenance work at the plants, but in reality it is done to save money that they would have to spend for furnace oil. Perhaps they would invest some money in the company for new plants," said a citizen.