Lucky Cement consortium submits EOI, cleared for FESCO due diligence

Lucky Cement has formed a consortium with Hub Power Holdings, Kohat Cement and Metro Ventures, and the group has filed preliminary paperwork expressing interest in buying a 51% to 100% stake in Faisalabad Electric Supply Company (FESCO), along with management control. According to Mettis Global, the Government of Pakistan is looking to divest the holding through privatisation. The announcement reached the exchange through a notification dated August 28, 2026.

The Privatisation Commission has pre-qualified the consortium and other interested parties, and shortlisted them to conduct due diligence on FESCO's finances, engineering and legal matters. Under the applicable privatisation rules, the shares will eventually be sold through open competition among bidders. Lucky Cement has stated that neither it nor the group has signed a binding agreement to buy shares in FESCO.

A binding agreement could only come after due diligence has been satisfactorily finished, every required corporate and regulatory approval is obtained, and the deal is judged commercially sound. For now, the consortium plans only a thorough due diligence review and an assessment of whether the potential purchase is viable.