10 of 12 bidders prequalified for Fesco sale; K-Electric withdraws

Pakistan's Privatisation Commission Board has prequalified 10 out of 12 interested parties for the sale of the Faisalabad Electric Supply Company (Fesco). This decision follows Prime Minister Shehbaz Sharif's directive to implement a "comprehensive strategy" to attract international investors for the privatization of state-owned power distribution companies (Discos).

K-Electric (KE), Pakistan's sole privatized power utility, withdrew its Expression of Interest (EOI) for Fesco. A KE spokesperson confirmed the decision, citing the non-availability of the Disco's audited financial statements for the past two years as the primary reason. KE plans to bid for another distribution company as part of a consortium with AsiaPak Investments, a major shareholder.

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K-Electric has withdrawn its Expression of Interest (EOI) for Fesco’s privatisation.

A lone Chinese firm, Jiang Xi Electric Power Construction, failed to meet the prequalification criteria. The company submitted its EOI in Chinese, despite repeated requests to provide it in English, and did not demonstrate sufficient interest.

The prequalified bidders include three Turkish companies: Aktor Elektrik Enerji Yatırımları San ve Tic AŞ, Genvera Enerji AŞ (Celik Group), and Cengiz Enerji Sanayii ve Ticaret AŞ. Seven Pakistani groups also advanced, including Engro Energy Limited, Sapphire Fibres Limited, Hub Power Holdings, Lucky Cement and Metro Ventures, Shirazi Investments (Pvt) Limited (Atlas Group), Maple Leaf Cement and Kohinoor Textile, the Pakgen Limited Consortium, and Artistic Milliners (Private) Limited. These parties will now proceed to the next stage, which includes accessing a Virtual Data Room for due diligence.

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