Karachi: Lucky Cement Limited, in collaboration with Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited, has formed a consortium expressing interest in acquiring a controlling stake in the Islamabad Electric Supply Company Limited (IESCO). This development comes as part of the Government of Pakistan's privatization initiative.

The consortium has been pre-qualified by the Privatization Commission, enabling it to proceed with financial, technical, and legal due diligence on IESCO. This step is crucial as the consortium evaluates the potential acquisition of a 51% to 100% equity stake, along with management control, in IESCO. The acquisition process will culminate in a competitive bidding phase as per the privatization regulations.

According to information available from the Pakistan Stock Exchange (PSX), no binding commitments have been made by Lucky Cement Limited or the consortium regarding the equity acquisition in IESCO. The consortium will only consider such a commitment after completing due diligence, obtaining necessary corporate and regulatory approvals, and assessing the transaction's commercial viability.

The consortium's current focus is solely on conducting a thorough due diligence process to determine the feasibility of this acquisition opportunity. The outcome of this evaluation will guide any future decisions related to the potential acquisition of IESCO.