Nishat Chunian Power joins consortium for FESCO privatisation bid

Nishat Chunian Power Limited (PSX: NCPL) has announced that its board of directors has approved the company's participation in a consortium pursuing the privatisation of Faisalabad Electric Supply Company (FESCO).

 

In a notice to the Pakistan Stock Exchange, the company said it obtained the Request for Statement of Qualification (RSOQ) issued by the Privatisation Commission for the proposed divestment of FESCO and approved joining the consortium for the transaction.

 

The consortium comprises Nishat Chunian Power Limited, Pakgen Limited, Lalpir Limited, Nishat Power Limited, Kohinoor Energy Limited, Nishat Mills Limited, and Pak Elektron Limited. Pakgen Limited has been appointed as the lead consortium member and authorised to act on behalf of all consortium members throughout the privatisation process.

 

NCPL clarified that it has not undertaken any binding obligation regarding the transaction. The proposed acquisition remains subject to pre-qualification by the Privatisation Commission, along with the necessary corporate and regulatory approvals. The company said it will keep the exchange informed of any material developments.