Picture: for illustration purposes

Karpowership Shares Battle: Powergroup SA Fails to Secure Interdict

Published September 29, 2023
9 months ago

In a significant shift in the power sector landscape in South Africa, Powergroup SA, Karadeniz Holdings' local empowerment partner, has failed in its attempt to obtain a court order halting the reacquisition of shares in Karpowership SA, a floating power plant. This case was heard in the high court of Johannesburg on September 22.

Prior to the court hearing however, Karadeniz Holdings, Karpowership SA's majority shareholder, tactically initiated a call option settlement. This strategic move aimed to secure Powergroup SA’s 49% stake in Karpowership SA. The action has made Powergroup SA's plea to the court ineffective.

This development suggests that the tussle between Powergroup SA and Karadeniz Holdings over the significant shares in Karpowership SA has an added layer of complexity. More updates are anticipated as this story continues to unfold.

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