FESCO Privatisation Moves to Due Diligence Stage

The privatisation of Faisalabad Electric Supply Company (FESCO) has advanced to its due diligence stage after the Privatisation Commission (PC) Board approved 10 bidders for prequalification on Friday.

The shortlisted parties will now receive access to the Virtual Data Room (VDR), allowing them to conduct detailed buy-side due diligence as the transaction progresses to its next phase, according to the Privatisation Commission.

The board’s decision came after 12 parties submitted Expressions of Interest (EOIs) for the proposed FESCO transaction. Following an assessment of the applications against the officially approved prequalification requirements, the Financial Adviser recommended 10 applicants for qualification.

The approved parties include Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S., Cengiz Enerji Sanayii Ve Ticaret A.S., Engro Energy Limited, Sapphire Fibres Limited and the Hub Power Holdings Consortium, consisting of Lucky Cement, Kohat Cement and Metro Ventures.

Other successful applicants include Shirazi Investments (Pvt) Limited, the Maple Leaf Cement Factory Limited Consortium with Kohinoor Textile Mills, the Pakgen Limited Consortium comprising Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy, as well as Artistic Milliners (Pvt) Limited.

Jiang Xi Electric Power Construction of China and K-Electric Limited, which had also expressed interest in acquiring FESCO, were not included among the 10 parties cleared for the prequalification stage.

The meeting was chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.

In addition to approving the FESCO prequalification list, the PC Board also endorsed changes to the composition of its Audit and Risk, Human Resources, Investment and Legal Committees.