Karachi: Lucky Cement Limited, in collaboration with other significant corporate entities, has announced its participation in a consortium aimed at potentially acquiring a major equity stake in Faisalabad Electric Supply Company Limited (FESCO). The announcement, made on August 28, 2026, outlines the consortium's intent to secure a 51% to 100% equity stake in FESCO, along with management control, through a privatization initiative led by the Government of Pakistan.

The consortium, which includes Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited, has expressed its interest by submitting an Expression of Interest and Statement of Qualification. The initiative, aimed at FESCO's divestment, marks a significant step in the ongoing privatization efforts within Pakistan's energy sector.

According to information available from the Pakistan Stock Exchange (PSX), the consortium has been pre-qualified by the Privatisation Commission, permitting it to proceed with comprehensive financial, technical, and legal due diligence on FESCO. This due diligence process is a prerequisite to participating in the competitive bidding process mandated by privatization laws.

Despite the progress, Lucky Cement Limited emphasized that neither it nor the consortium has committed to any binding agreements regarding the acquisition. The decision to proceed will hinge on the successful completion of due diligence, securing necessary corporate and regulatory approvals, and ensuring the transaction's commercial viability.

At this juncture, the consortium plans to conduct an exhaustive evaluation of the acquisition opportunity, aligning with the designated market category, to assess its feasibility and potential benefits.