Sapphire Fibres Limited (PSX: SFL) has joined the race to acquire Faisalabad Electric Supply Company (FESCO), announcing its intention to participate in the utility’s privatization process.
In a notice submitted to the Pakistan Stock Exchange (PSX), the company said it has obtained the Request for Statement of Qualification (RSOQ) issued by the Privatization Commission for the proposed divestment of FESCO.
Sapphire Fibres said its board of directors has approved participation in the transaction. The company added that it has not yet assumed any binding obligation, as its participation remains subject to prequalification by the Privatization Commission and other required corporate and regulatory approvals.
The company also said it may form a consortium after obtaining the necessary approvals and will inform the stock exchange of any material developments related to the proposed transaction.
The development comes a day after a consortium led by Nishat Group also announced its intention to participate in the privatization of FESCO.
The Privatization Commission is seeking investors for the sale of a majority stake, along with management control, in the Faisalabad Electric Supply Company as part of the government’s broader privatization program for state-owned power distribution companies.
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