The Hub Power Company Limited (HUBCO) has disclosed that its wholly owned subsidiary, Hub Power Holdings Limited, has joined a consortium seeking to acquire a controlling stake in Faisalabad Electric Supply Company (FESCO).
According to the disclosure dated August 28, 2026, Hub Power Holdings, along with Lucky Cement Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited, has formed a consortium and submitted an Expression of Interest and Statement of Qualification for the proposed acquisition of 51% to 100% equity in FESCO, together with management control.
Consortium Pre-Qualified for FESCO Process
The consortium has been pre-qualified by the Privatisation Commission and shortlisted to conduct financial, technical and legal due diligence on FESCO. The disclosure states that, under the applicable privatisation framework, the equity stake in FESCO will ultimately be offered through a competitive bidding process.
The development marks an important step in HUBCO’s participation in Pakistan’s ongoing effort to attract private-sector investment into the power distribution sector.
No Binding Acquisition Commitment Yet
HUBCO clarified that the consortium has not entered into any binding commitment with any party for the acquisition of FESCO.
The company said any potential commitment would only be considered after satisfactory completion of due diligence, receipt of all applicable corporate and regulatory approvals, and a determination that the transaction is commercially viable.
For now, the consortium’s objective is to carry out a comprehensive due diligence exercise and assess the viability of the proposed acquisition.
What Happens Next?
The pre-qualification gives the consortium an opportunity to examine FESCO’s financial, operational, technical and legal position before deciding whether to proceed further. The eventual acquisition, if pursued, would remain subject to the competitive bidding process and the required approvals.
FESCO serves a major electricity distribution market, making the privatisation process significant for both investors and Pakistan’s power sector. HUBCO’s participation also brings together companies from the country’s cement, energy and investment sectors.
The disclosure was issued to the Pakistan Stock Exchange in accordance with the applicable securities laws and PSX regulations.
Bottom line: HUBCO and its consortium partners have cleared the pre-qualification stage for the FESCO privatisation process, but the company has stressed that no final acquisition decision or binding commitment has been made yet.
