Lucky Cement-Led Consortium Pre-Qualified For GEPCO Privatisation
Listen3 min
Read aloud by your device’s built-in synthetic voice, not a recording. Needs a browser that can read aloud.
✧ GENERATE BRIEFING
A powerful domestic and international consortium—comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited—has been officially pre-qualified by the Privatisation Commission Board to conduct due diligence for the proposed divestment of Gujranwala Electric Power Company Limited (GEPCO). The consortium is targeting the acquisition of a 51% to 100% equity stake alongside management control being offered by the Government of Pakistan. Following an initial response of 11 Expressions of Interest (EOIs), the Privatisation Commission shortlisted nine qualified entities to proceed to the next phase, which involves access to the Virtual Data Room (VDR) for comprehensive financial, technical, and legal assessment. The pre-qualified pool features a mix of prominent local industrial giants and international players, including three Turkish energy firms (Aktor Elektrik Enerji Yatirimlari, Genvera Enerji, and Cengiz Enerji) alongside local heavyweights such as Engro Energy, Sapphire Fibers, and investment-led consortia.
A consortium comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited and Metro Ventures (Private) Limited has been pre-qualified to conduct due diligence for the proposed privatisation of Gujranwala Electric Power Company Limited (GEPCO).
The consortium submitted an Expression of Interest (EoI) and Statement of Qualification (SOQ) for the proposed acquisition of 51% to 100% equity in GEPCO along with management control, with the stake being offered by the Government of Pakistan through the privatisation process.
Lucky Cement said the consortium has been shortlisted, along with other qualified parties, to undertake financial, technical and legal due diligence of the power distribution company. The next stage will include access to a Virtual Data Room containing information required for detailed assessment of GEPCO.
The company clarified that neither Lucky Cement nor the consortium has entered into any binding commitment to acquire a stake in GEPCO at this stage. Any decision to proceed will depend on satisfactory completion of due diligence, required corporate and regulatory approvals and a determination that the transaction is commercially viable.
Privatisation Commission Board Approvals and Prequalified Parties
The Privatisation Commission Board approved the prequalification of nine interested parties on October 5. The government had received 11 expressions of interest for acquiring 51% to 100% of GEPCO along with management control.
The other pre-qualified parties include three Turkish energy companies — Aktor Elektrik Enerji Yatirimlari, Genvera Enerji and Cengiz Enerji — along with Engro Energy, Sapphire Fibers, Shirazi Investments Consortium, Artistic Milliners Consortium and AKD Securities Consortium.
Two applicants did not proceed to the next stage. K-Electric withdrew its EoI, while Saudi Arabia’s Al Sharif Contracting & Commercial Development failed to provide the required documents under the qualification process.
Broader Power Sector Reforms
GEPCO is part of the government’s broader programme to privatise selected electricity distribution companies. The government has said the process is intended to attract domestic and international investment, improve distribution efficiency, modernise infrastructure, reduce losses and strengthen customer service.
The GEPCO stake will ultimately be offered through a competitive bidding process, meaning prequalification does not guarantee that the Lucky Cement-led consortium will acquire the company. The consortium will first evaluate GEPCO’s financial and operational position before deciding whether to proceed with a bid.
