PC Board prequalifies 10 interested parties for FESCO privatisation

The Privatisation Commission Board has prequalified 10 interested parties for the sale of the Faisalabad Electric Supply Company, according to Business Recorder. The approval came on Friday, after the Board reviewed 12 expressions of interest received for FESCO. The Financial Adviser recommended the final 10 following an evaluation against the approved criteria.

The prequalified group includes Sapphire Fibres Limited, a Hub Power Holdings consortium with Lucky Cement, Kohat Cement and Metro Ventures, and a Maple Leaf Cement Factory consortium that includes Kohinoor Textile Mills. A Pakgen Limited consortium with Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy also made the list. The two remaining applicants, Jiang Xi Electric Power Construction and K-Electric, were not among the 10 recommended.

The prequalified parties will now move to the next stage, which includes access to the Virtual Data Room for detailed buy-side due diligence. The Board also reconstituted its Audit and Risk, Human Resources, Investment and Legal Committees. Muhammad Ali, Adviser to the Prime Minister on Privatisation, chaired the meeting.