GEPCO privatisation: Lucky Cement consortium pre-qualified

Lucky Cement told the Pakistan Stock Exchange in a Wednesday filing that a consortium with Hub Power Holdings, Kohat Cement and Metro Ventures has secured prequalification to examine GEPCO, the Gujranwala Electric Power Company. The cement maker, one of the country's largest, said the group is one of several interested parties shortlisted for financial, technical and legal scrutiny of the power distributor. Business Recorder carried the disclosure, which relates to the government's privatisation drive for the utility.

The consortium filed an Expression of Interest and Statement of Qualification for acquiring 51% to 100% of GEPCO's equity along with management control. Lucky said neither it nor the consortium has signed any binding commitment, and any such step would follow completed due diligence, required approvals and confirmation that the deal is commercially viable. At present, the group intends only to conduct a thorough review and assess whether the opportunity is worth pursuing.

On Monday, the Privatisation Commission board approved prequalification for nine of the 11 expressions of interest received for the 51% to 100% stake. Those include three Turkish energy firms, Engro Energy, Sapphire Fibers, and consortia linked to Hub Power Holdings and AKD Securities. The next phase gives these parties access to a virtual data room for buy-side checks.