Seven listed companies have formed a consortium to pursue the privatization of Faisalabad Electric Supply Company (FESCO), with each company informing the Pakistan Stock Exchange that its board has approved participation in the proposed transaction.
The consortium comprises Pakgen Limited (formerly Pakgen Power Limited), Lalpir Limited (formerly Lalpir Power Limited), Nishat Power Limited, Nishat Chunian Power Limited, Nishat Mills Limited, Kohinoor Energy Limited and Pak Elektron Limited (PEL).
The companies said they had obtained the Request for Statement of Qualification (RSOQ) issued by the Privatization Commission for FESCO’s divestment.
Under the consortium arrangement, Pakgen Limited has been appointed as the lead consortium member and authorized to conduct all business on behalf of the consortium during the privatization process.
The companies clarified that they have not assumed any binding obligation regarding the transaction. Their participation remains subject to pre-qualification by the Privatization Commission and all required corporate and regulatory approvals.
The consortium brings together companies from three of Pakistan’s leading business groups. The Nishat Group is represented by Nishat Mills, Nishat Power, Pakgen and Lalpir, while Nishat Chunian Power represents the separate Nishat Chunian Group.
The Saigol Group has joined the consortium through Pak Elektron Limited (PEL) and Kohinoor Energy, bringing together major players from Pakistan’s textile, power generation and engineering sectors
FESCO is considered one of Pakistan’s strongest-performing state-owned electricity distribution companies, serving more than 5.5 million consumers across eight districts of central Punjab, including Faisalabad, Pakistan’s largest textile manufacturing hub.
The utility has historically reported among the lowest transmission and distribution losses and one of the highest bill recovery rates among government-owned DISCOs, making it a key asset in the government’s power sector privatization program.
The Privatization Commission is offering investors between 51% and 100% ownership along with management control as part of the first phase of DISCO privatization.
The post Nishat-Led Consortium Enters Race to Acquire FESCO appeared first on ProPakistani.