Lucky Cement Limited, along with other prominent corporate entities, has moved a step forward in the proposed privatisation of Faisalabad Electric Supply Company (FESCO), after its consortium was pre-qualified and shortlisted to conduct detailed due diligence on the power utility.
According to a material information disclosure dated August 28, 2026, Lucky Cement, Hub Power Holdings Limited, Kot Addu Power Company Limited and Metro Ventures (Private) Limited have joined hands as a consortium for the potential acquisition of a 51% to 100% equity stake in FESCO, along with management control.
The consortium had earlier submitted an Expression of Interest and Statement of Qualification for the proposed transaction, which is being undertaken by the Government of Pakistan through a privatisation process.
Consortium to Conduct Comprehensive Due Diligence
The consortium, along with other interested parties, has been pre-qualified by the Privatisation Commission and shortlisted to carry out financial, technical and legal due diligence of FESCO.
The next stage will allow the interested parties to assess FESCO’s financial position, operational structure, legal matters and overall commercial viability before deciding whether to proceed with a binding offer.
Under the applicable privatisation framework, the equity stake in FESCO will ultimately be offered through a competitive bidding process.
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 acquisition of equity in FESCO.
The company said that any such commitment would only be considered after completion of the due diligence exercise, receipt of all applicable corporate and regulatory approvals, and a determination that the transaction is commercially viable.
This means the consortium’s current participation should not be viewed as confirmation that Lucky Cement or its partners will ultimately acquire FESCO.
Focus Remains on Evaluating the Opportunity
At the current stage, Lucky Cement and its consortium partners intend to undertake a comprehensive due diligence exercise and evaluate the potential acquisition opportunity.
The development places Lucky Cement and its partners among the interested parties examining the potential takeover of one of Pakistan’s major electricity distribution companies. The eventual outcome will depend on the findings of due diligence, regulatory approvals and the competitive bidding process.
The disclosure was signed by Ali Shahab, Company Secretary of Lucky Cement Limited.
