AKD Securities to Lead Consortium with Fast Cables and Mughal Steel for GEPCO Privatisation.
✧ GENERATE BRIEFING +
AKD Securities Limited, Fast Cables Limited, and Mughal Iron & Steel Industries Limited have issued material disclosures to the Pakistan Stock Exchange (PSX) regarding their joint participation in the privatisation of the Gujranwala Electric Power Company (GEPCO). The consortium—consisting of AKD Securities Limited, Fast Cables Limited, AJCL (Private) Limited, and Mughal Iron & Steel Industries Limited—has submitted an Expression of Interest (EOI) alongside 10 other prospective bidders. The federal government, through the Privatisation Commission, is offering a 51% to 100% equity stake alongside operational management control for Batch-I power distribution companies (DISCOs).
In formal disclosures submitted under Sections 96 and 131 of the Securities Act, 2015, AKD Securities Limited and Fast Cables Limited have notified the Pakistan Stock Exchange (PSX) of their structured participation in the privatization of the Gujranwala Electric Power Company (GEPCO).
Having secured the Request for Statement of Qualification (RSOQ) and relevant board approvals, the firms have entered a four-member corporate group to compete for state-owned power distribution assets.
Consortium Governance and Structure
The participating partners have designated AKD Securities Limited as the Lead Consortium Member. In this capacity, AKD Securities holds full operational authority to represent the partners, manage transactional workflows, handle sub-delegation, and lead interactions with the Privatisation Commission.
The four consortium members include:
- AKD Securities Limited (Lead Consortium Member)
- Fast Cables Limited
- AJCL (Private) Limited
- Mughal Iron & Steel Industries Limited
Current Status and Legal Standpoint
In their disclosures to the PSX Data Portal, AKD Securities and Fast Cables clarified that no binding financial or legal obligation has been assumed at this stage. The transaction remains contingent on the evaluation of Statements of Qualification (SOQs), pre-qualification clearance by the Privatisation Commission, buy-side due diligence in the Virtual Data Room (VDR), and necessary corporate/regulatory clearances.
Broad Context: Batch-I DISCO Divestment
According to official press releases from the Associated Press of Pakistan (PID), GEPCO is part of the first batch of electricity distribution utilities earmarked for privatization, alongside Faisalabad Electric Supply Company (FESCO) and Islamabad Electric Supply Company (IESCO).
The AKD-led consortium is among 11 prospective local and international bidding entities—including Turkish and Saudi firms—that submitted EOIs to acquire a controlling 51% to 100% equity stake and operational management rights.
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