Lucky Cement-Led Consortium Moves Forward in Race to Acquire GEPCO
Lucky Cement Limited has announced that a consortium formed with other prominent corporate entities has been pre-qualified and shortlisted to participate in the privatisation process of Gujranwala Electric Power Company (GEPCO). The development marks a step forward in the consortium’s efforts to acquire a significant stake in the power distribution company.
According to a material information disclosure submitted to the Pakistan Stock Exchange (PSX) on October 7, 2026, Lucky Cement, alongside Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited, has submitted an Expression of Interest and an Application for Statement of Qualification for the proposed acquisition.
The consortium is seeking to acquire an equity stake ranging from 51% to 100% in GEPCO, along with management control. GEPCO is being offered for divestment by the Government of Pakistan as part of its ongoing privatisation programme.
Consortium Advances to the Due Diligence Stage
The Privatisation Commission has pre-qualified and shortlisted the consortium, along with other interested parties, to conduct financial, technical, and legal due diligence on GEPCO. This stage will allow potential investors to assess the company’s operations, financial position, legal matters, and overall business prospects before deciding whether to proceed with an acquisition.
The equity stake in GEPCO will ultimately be offered through a competitive bidding process, in accordance with the applicable privatisation laws and procedures.
No Binding Commitment Yet
Lucky Cement clarified that neither the company nor the consortium has entered into any binding commitment with any party regarding the proposed acquisition. Any commitment will depend on the satisfactory completion of due diligence, receipt of all required corporate and regulatory approvals, and confirmation that the transaction is commercially viable.
At this stage, the consortium intends only to undertake a comprehensive due diligence exercise and evaluate the potential acquisition opportunity.
Potential Significance for Pakistan’s Power Sector
The proposed transaction reflects continued private-sector interest in Pakistan’s power distribution sector. If completed, the acquisition could bring private investment and management oversight to GEPCO. However, the actual outcome will depend on the due diligence findings, regulatory approvals, competitive bidding process, and final investment decision.
For investors, the announcement represents an important development in Lucky Cement’s potential expansion into the power distribution business. Nevertheless, the disclosure does not confirm that the consortium will win the bidding process or complete the acquisition.
Conclusion
Lucky Cement and its consortium partners have advanced to the due diligence stage in their pursuit of a 51% to 100% equity stake in GEPCO, including management control. While the development signals progress in the privatisation process, the acquisition remains at an exploratory stage, with no binding commitment in place. Investors and market participants will be watching for further announcements as the process moves forward.
