Mughal Iron & Steel Industries Limited has announced its participation in a consortium formed to pursue the privatization of Gujranwala Electric Power Company (GEPCO), marking a new potential area of business expansion for the company.
According to material information submitted to the Pakistan Stock Exchange on August 24, 2026, Mughal Steel has obtained the Request for Statement of Qualification (RSOQ) issued by the Privatization Commission in connection with the proposed divestment of GEPCO. The company’s board has approved its participation in a consortium comprising Fast Cables Limited, AKD Securities Limited, AJCL (Private) Limited and Mughal Iron & Steel Industries Limited.
The consortium members have designated AKD Securities Limited as the lead consortium member. AKD Securities has been authorized to conduct business on behalf of the consortium during the privatization process, including through its authorized representative and with the ability to sub-delegate its authority where required.
However, Mughal Steel clarified that its participation does not currently represent a binding commitment to the transaction. The proposed deal remains subject to pre-qualification by the Privatization Commission, along with the necessary corporate and regulatory approvals and completion of due diligence.
The disclosure form attached to the company’s announcement further confirms that the consortium is seeking to participate in the privatization of GEPCO. The document identifies Mughal Iron & Steel Industries Limited as the participating company and records the transaction as information disclosed under the Securities Act, 2015.
GEPCO is a major electricity distribution company, and its proposed privatization is part of the government’s broader efforts to advance the privatization process for state-owned enterprises. For Mughal Steel, participation in the consortium could potentially provide an opportunity to diversify beyond its core steel-related operations, although the company has not yet assumed any binding obligation regarding the transaction.
Investors will likely be watching the next stages of the process, particularly the consortium’s pre-qualification, regulatory approvals and due diligence. Mughal Steel has stated that the Pakistan Stock Exchange will be kept informed of material developments concerning the transaction.
For now, the announcement represents an expression of interest and participation in the privatization process rather than a completed acquisition or firm commitment. Further developments will depend on the outcome of the government-led process and the required approvals.
