Pakistani textile firm Sapphire Fibres joins race for IESCO privatisation

Sapphire Fibres Limited told the Pakistan Stock Exchange on Friday that its board has signed off on taking part in the privatisation of Islamabad Electric Supply Company (IESCO), according to Business Recorder. The listed textile maker also said it has obtained a request for statement of qualification (RSOQ) from the PC covering the sale of IESCO. It stressed that no binding commitment exists yet, since participation depends on pre-qualification by the PC and on necessary corporate and regulatory approvals.

In May, the government asked local and foreign investors to submit expressions of interest for FESCO, GEPCO and IESCO, with stakes of 51% to 100% that would carry management control. The IESCO deadline, originally set for September 7, 2026, was later pushed back to September 21, 2026 to give potential investors more time. Separately, the CCoP approved a restructuring plan under which selected assets, including land, and certain post-retirement liabilities of retired staff will move to a government-owned SPV.

Sapphire Fibres has also said a consortium could be formed once approval is given. IESCO has reported that its line losses fell from 8.75% to 7.6% over the last two financial years. The sale is part of a wider government drive to privatise several power distribution companies, aimed at cutting transmission losses, improving recovery and raising service quality.