SHC grants stay against Tri-Star Power takeover

The Sindh High Court has ordered that the status quo be maintained with respect to the attempt by a Turkish investor to buy more than 51 per cent shares and control of Tri-Star Power Ltd, a publicly listed electricity producer. The power producer said on Monday the court order follows the suit it filed for a permanent injunction against Aykut Calikusu — a high net-worth individual from Turkey with core expertise in e-commerce and the sale of locally sourced products in the Gulf — on the grounds that he was acting “in concert with others” and was “illegally accumulating” shareholding while indulging in share price manipulation. Tri-Star Power generates and distributes electricity on a rental basis to customers belonging to the same industrial group through a 10-megawatt plant installed on the premises of Image Pakistan in SITE, Karachi. A person involved in the transaction from the side of the potential buyer alleged the company’s management was “stonewalling” the takeover attempt in violation of the regulations.