JDW Sugar Mills Limited has decided to join a consortium led by Pakgen Limited to participate in the Privatization Commission’s process for the divestment of Faisalabad Electric Supply Company Limited (FESCO).
In a notice sent to the Pakistan Stock Exchange on August 20, JDW Sugar Mills said it had been approached to join the consortium and had resolved to amend its Statement of Qualification to participate in the FESCO privatization process. The company said the transaction remains subject to pre-qualification by the Privatization Commission as well as the required corporate and regulatory approvals, and that it has not assumed any binding obligation at this stage.
The proposed consortium has 10 members, with Pakgen Limited as the lead member. The other members are Nishat Mills Limited, Lalpir Limited, Nishat Power Limited, Nishat Chunian Power Limited, Kohinoor Energy Limited, Pak Elektron Limited, JDW Sugar Mills Limited, Deharki Sugar Mills (Private) Limited and ATF Agri Sciences (Private) Limited. The full consortium is listed in JDW Sugar Mills’ PSX disclosure.
The consortium’s composition brings together firms with interests spanning power generation, engineering, manufacturing, agriculture and sugar. The development comes as the government moves ahead with the planned privatization of FESCO, one of three power distribution companies included in the first batch of proposed electricity distribution company transactions, alongside Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO).
Earlier this month, the Privatization Commission issued the Request for Statement of Qualification (RSOQ) for FESCO, with investor interest emerging from major Pakistani business groups. The consortium members have authorised Pakgen as the lead member to handle matters related to the privatization process.
The FESCO transaction is part of the government’s broader plan to restructure and privatize selected distribution companies, with the aim of bringing private-sector management and investment into the power distribution system.
JDW stated that it has not assumed any binding obligation regarding the transaction. Its participation will depend on the consortium’s pre-qualification by the Privatization Commission and subsequent regulatory and corporate approvals.
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