Lucky Cement-led consortium pre-qualified to bid for up to 100% stake in IESCO

Lucky Cement said on Tuesday that a consortium it has joined was cleared to examine Islamabad Electric Supply Company ahead of a possible privatisation bid. The group, which also includes Hub Power Holdings, Kohat Cement and Metro Ventures, can assess a proposed purchase of between 51% and 100% of IESCO, with management control.

The Privatisation Commission has shortlisted the consortium and other interested parties for financial, technical and legal due diligence. Lucky Cement told the Pakistan Stock Exchange that no binding purchase agreement exists; any bid would depend on due diligence, required approvals and the consortium’s review of commercial viability. The eventual sale is to proceed through competitive bidding under privatisation laws.