Board of Directors - K-Electric

Board of Directors

Shan A. Ashary


Mr Ashary has been a Non-Executive Director of the Company since its privatisation in November 2005. He is a senior executive with over forty years of proven success in managing international investments, operations of a large diversified group, finance, treasury, public accounting, and strategic and corporate planning. He currently serves on the boards of several companies in the US and the Middle East. He is a Fellow of the Institute of Chartered Accountants of England and Wales. Other Engagements: Investment Adviser, Al-Jomaih Holding Co. (Saudi Arabia).

Syed Moonis Alvi

Chief Executive Officer

Mr Moonis Alvi was appointed CEO and Board member of the Company in June 2018. Mr Alvi has more than 28 years of diversified experience in the finance industry, with a focus towards driving operational efficiencies, financial planning and capital restructuring. Mr Alvi joined K-Electric in 2008 and has served as K-Electric’s Chief Financial Officer. He has also served as KE’s Company Secretary and Head of Treasury and has played an integral role in the transformation of K-Electric. He is a Fellow member of the Institute of Chartered Accountants of Pakistan.

Khalid Rafi

Independent Director

Mr Rafi is an Independent Director, elected at the AGM of the Company held on October 8, 2012, and also Chairman of the Board Audit Committee. Mr Rafi was a Senior Partner at A. F. Ferguson & Co., Chartered Accountants, a member firm of PricewaterhouseCoopers LLP, for 20 years. He was also the President of the Institute of Chartered Accountants of Pakistan and of Management Association of Pakistan. Mr Rafi is a Chartered Accountant, being a Fellow at the Institute of Chartered Accountants in England and Wales.

Adeeb Ahmad

Non-Executive Director

Mr Ahmad’s career spans over 30 years with premier multilateral agency, and several leading investment banking institutions primarily in the Gulf region and Pakistan. He has held C-suite positions engaged in asset management, private equity investments and M&A covering multiple emerging markets. He has raised and led several large funds, managed landmark investments, and led several M&A advisory assignments. He recently took on the role of CEO for Hascol Petroleum Limited, Pakistan and before that was a Senior Advisor to the CEO (& Deputy CEO-Designate) at Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia. Mr Ahmad holds an M.Sc. from the London School of Economics, United Kingdom, and an MBA from the Institute of Business Administration, Karachi, Pakistan. Other Engagements: Chairman, Al-Shaheer Corporation Ltd.

Ch. Khaqan Saadullah Khan

Non-Executive Director

Mr. Khan has over 20 years of experience in corporate finance, investment banking, private equity and general management. He is currently an advisor to international investors with significant investments in Pakistan. Prior to this, he was a fund manager with the Abraaj Group. Mr. Khan has also worked as an Investment Officer in International Finance Corporation, as an Investment Consultant in the Board of Investment, Government of Pakistan, and as a manager in Ernst & Young’s Transaction Advisory Services group based in Chicago. He has previously served on the Boards of Agritech Limited and Shakarganj Food Products Limited. Mr. Khan holds a BA in Economics from Northwestern University, US. Other Engagements include Member Board of Directors: Cinepax Limited and Jhimpir Power (Private) Limited.

Dr. Ahmed Mujtaba Memon

Non-Executive Director (GOP Nominee)

Dr Ahmed Mujtaba Memon represents the Government of Pakistan and was appointed on the Board of KE in June 2018. He is the Additional Finance Secretary in the Finance Division and has previously served as Director-General (IOCO) in the Federal Bureau of Revenue (FBR) as well as serving in various capacities at the Pakistan Customs Service. He has also worked with the Asian Development Bank on a project as the Secretary Trade Export Promotion and Industrialisation in the FBR. His academic qualifications include an MBBS, an MA (Economics) and an MBA (Finance). Other Engagements: Member – Board of Directors, IESCO; SSGC and NESPAK.

Jamil Akbar

Non-Executive Director

Mr Akbar has over 20 years of multinational experience in general management, strategy, real estate development, private equity and turnarounds. His most recent role was Country Head and COO, Emaar Pakistan. Previously, he worked with the Abraaj Group on Pakistan investments, including an operational and turnaround role at K-Electric. He has also been Chief Internal Auditor at GlaxoSmithKline Pakistan, and began his career with KPMG UK. Mr Akbar holds an MBA from INSEAD, is a Chartered Accountant from the Institute of Chartered Accountants in England & Wales (ICAEW) and holds a BEng. (Mechanical) from Imperial College (UK). Other Engagement: Director, Al-Shaheer Corporation.

Mubasher H. Sheikh

Non-Executive Director

Mr Sheikh has been a Non-Executive Director of the company since its privatisation in November 2005. He joined the National Industries Group (Holding), Kuwait, in 2001 and is currently Chief Financial Officer. He is also a Non-Executive Board member in Proclad Group Limited Dubai and a Board member in Ikarus Petroleum Industries, Kuwait. He graduated with a degree in mathematics and statistics from the University of Punjab and is a Chartered Certified Accountant UK (FCCA). Other Engagements: Chief Financial Officer, National Industries Group, Kuwait. Board member: Proclad Group Limited, Dubai; Ikarus Petroleum Industries, Kuwait.

Muhammad Abid Lakhani

Non-Executive Director (GOP Nominee)

A businessman by profession with forty years of experience, Mr Abid Lakhani is the Chairman of The Abid Lakhani Group, which for over four decades has been involved in the fields of Construction, Education and Financial Services. He served as the Chairman of Platinum Commercial Bank (now known as Bank Islami), amongst various other senior positions over the course of his business career. A passionate philanthropist, Mr Abid Lakhani, through the university he established (ILMA University), has disbursed over PKR 202 million in scholarships to various deserving students in search of higher education. With his involvement in the Real Estate and Construction sector, Mr Abid Lakhani has enabled the creation of 12,000 residential and commercial units that range from luxury livings, to shopping complexes to middle income housing.

Ruhail Muhammad

Non-Executive Director

Mr Muhammad’s career spans over 30 years in general management, business development, strategy, financial planning and people development. He has held various C-suite positions in companies focused on a diverse range of activities from Chemicals to Energy to Polymer production. He is currently the CEO of Hub Power Holdings Ltd, a subsidiary of HUBCO, Pakistan’s largest IPP. He is responsible for managing the growth portfolio of HUBCO, including existing coal-based power plants. Responsibilities include evaluating onshore & offshore acquisitions, project financing, economic evaluation of all growth projects and financial re-engineering to support the growth vision of the company. Previously, he was the CEO of Engro Fertilizers from 2012-2018. He has served on the Boards of Engro Corp and various Engro subsidiaries including as Chairman of Engro Vopak and Engro LNG Terminal. In addition, he has also served on the Boards of Pakistan Institute of Corporate Governance, British Overseas School, KP Energy Board (PEDO) and as Chairman of Pakistan Mercantile Exchange Limited. He is a CFA Charter Holder and holds an MBA degree from Institute of Business Administration, Pakistan. He has attended the Advance Management Program at INSEAD as well as a Agri-Business certification from the Harvard Business School.

Syed Asad Ali Shah

Non-Executive Director

Mr Shah, a Chartered Accountant, has over 35 years of experience in governance, audit & assurance, consulting, financial advisory and tax services. Currently engaged in his own professional practice the name of Asad Ali Shah Associates, Chartered Accountants, he was previously the Managing Partner of Deloitte Pakistan, a member of Deloitte Touche Tohmatsu LLC, one of the top four global professional services firms in the world. In addition, he serves as member of Prime Minister’s Task Force on Austerity and Government Restructuring and as a member on the Policy Board of the Securities and Exchange Commission of Pakistan. He also Chairs the Board of Pakistan Refinery Limited. He also remained Advisor to Chief Minister Sindh on Finance, with status of Minister, President of the Institute of Chartered Accountants of Pakistan and member of International Federation of Accountants, the global body representing accounting profession on worldwide basis.

Waseem Mukhtar

Non-Executive Director (GOP Nominee)

Mr Waseem Mukhtar represents the Government of Pakistan and was appointed as Non-Executive Director on the Board of KE in April 2019. With more than 25 years of experience at the Provincial and Federal Government levels, covering policy implementation and formulation in the arena of corporate management, public financial management, project management and public service delivery, Mr Mukhtar currently serves as Additional Secretary, Power Division, Government of Pakistan. Mr Mukhtar has previously served as Managing Director of Utility Stores Corporation and National Fertilizer Marketing Limited.

Mustafa N. Farooki

Non-Executive Director

Mustafa Farooki is the Portfolio Manager at Aljomaih Investments Ltd. and manages the International Investments portfolio of Al Jomaih Group. He brings with him over twenty-five years of experience in portfolio management.Prior to joining Aljomaih, he has spent twelve years with AREF Investment Group in Kuwait, being a pivotal part of the team, which established and supervised the International Investments Division. During his term at AREF, he managed a portfolio comprising of leasing activities and real estate investments spread in US and Europe and other direct investments while supervising a team of analysts. He was appointed on the Board of Directors of various affiliated / related companies and SPVs to oversee investments.He has also held positions in Corporate Banking at Faysal Bank and Fidelity Investment Bank Limited in Pakistan.He was awarded the CFA charter in 2005 and also holds an MBA degree.

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