Power firm smells a rat in takeover bid.

KARACHI -- Tri-Star Power Ltd, a captive power plant listed on the Pakistan Stock Exchange, said on Monday there're reasonable grounds to believe that a potential Turkish acquirer is causing 'undue movement' in the share price.

It went from Rs3.60 to Rs19.12 between July 1, 2022 and February 28, even though there was no development or material change in the business of the power producer during the eight months.

For context, a diversified Turkish investor Aykut Calikuu announced on March 9 its intention to buy more than 51 per cent shares and control of Tri-Star Power.

The target company 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.

The actual power production by the power plant is undeterminable because it generates electricity on demand. Before July 1, 2021, the company...