Karachi, August 6, 2026 – Pakgen Limited (formerly Pakgen Power Limited) has informed the Pakistan Stock Exchange (PSX) that its Board of Directors has approved the company’s participation in a consortium formed to bid for the privatization of Faisalabad Electric Supply Company (FESCO). The disclosure was made in compliance with the Securities Act, 2015 and the PSX Regulations.
According to the company’s notification, Pakgen Limited has received the Request for Statement of Qualification (RSOQ), issued by the Privatization Commission for the proposed divestment of FESCO through the privatization process. The company confirmed that its board has formally approved joining the consortium that will participate in the transaction.
The consortium includes several prominent companies from the Nishat Group and related entities, namely Nishat Mills Limited, Lalpir Limited (formerly Lalpir Power Limited), Nishat Power Limited, Nishat Chunian Power Limited, Kohinoor Energy Limited, Pak Elektron Limited (PEL), and Pakgen Limited. Under the agreement, Pakgen has irrevocably authorized the Lead Consortium Member to act on behalf of all consortium participants during the privatization process, including conducting business related to the transaction and exercising the authority to sub-delegate responsibilities where necessary.
The company clarified that, as of the date of the announcement, it has not assumed any binding obligation regarding the acquisition. The proposed transaction remains subject to pre-qualification by the Privatization Commission as well as all required corporate and regulatory approvals. Pakgen stated that it will continue to keep the Pakistan Stock Exchange informed of any material developments related to the process.
The announcement highlights Pakgen Limited’s interest in participating in one of Pakistan’s significant privatization initiatives while emphasizing that the process is still at an early stage and dependent on regulatory clearances before any final commitment is made.
