Turkish investor to buy power firm

A Turkish investor announced on Thursday its intention to buy more than 51 per cent shares and control of Tri-Star Power Ltd, a publicly listed electricity producer. Aykut Çalikuu is a diversified investor with core expertise in e-commerce and the sale of locally sourced products in the Gulf countries. Its other areas of interest include clean energy and healthcare. As for Tri-Star Power, the firm generates and distributes electricity on a rental basis to the customers belonging to the same industrial group. Speaking to Dawn, an analyst involved in the proposed transaction said the company can be termed a captive power producer given its limited customer base. The company signed a rental agreement with Image Pakistan Ltd, a related party, on July 1, 2021, to provide the textile maker with its power plant on a rental basis. The 10-megawatt plant is installed on the premises of Image Pakistan in SITE, Karachi.