Key Takeaways
- Sapphire Fibres Limited has entered the race to privatise Faisalabad Electric Supply Company (FESCO).
- The company obtained a Request for Statement of Qualification from the Privatisation Commission.
- Participation is subject to pre-qualification by the commission and regulatory approvals.
Sapphire Fibres Limited has joined Nishat Group in the race to privatise Faisalabad Electric Supply Company (FESCO), according to a notice issued to the Pakistan Stock Exchange (PSX).
The company stated that its Board of Directors have approved participation, but no binding obligations have been assumed yet.
SFL obtained the Request for Statement of Qualification as amended or supplemented from time to time (RSOQ) issued by the Privatisation Commission for the divestment of FESCO through privatisation.
However, SFL noted that its participation remains subject to pre-qualification by the commission and all requisite corporate and regulatory approvals.
The company may form a consortium once approval is granted. Last year, SFL completed the acquisition of 50% shares each in UCH Power (Private) Limited and UCH-II Power (Private) Limited, both located in Dera Murad Jamali, Balochistan.
FESCO is among three electricity Distribution Companies (DISCOs) slated for privatisation by the Pakistani government as part of a broader energy sector reform agenda aimed at improving efficiency and attracting private investment.
The Cabinet initially approved the outright privatisation of these DISCOs in August 2024, with the deadline for Expression of Interest (EOI) submission for FESCO revised to August 7, 2026.
