Pakistani, Turkish, Saudi companies show interest in Gepco privatisation, commission says

ISLAMABAD: The Privatisation Commission (PC) on Friday said it had received an overwhelming response from domestic and international investors to the proposed privatisation of Gujranwala Electric Power Company (Gepco). 'Today on the closing date for submission of Expressions of Interest (EOIs), the Commission has received EOIs from 11 prospective investors seeking to acquire 51 to 100pc shareholding in Gepco together with management control,' the commission announced. The interested parties include investors from Turkiye, Saudi Arabia and several of Pakistan's leading business groups, the PC said. Most of the investor groups submitting EOIs for Gepco had already done so for Faisalabad Electric Supply Company (Fesco) early this month and are currently under review. Of the 11 EOIs, four have come from foreign investors — three Turkish and one Saudi — while seven are from local business groups. The three Turkish firms — Aktor Elektrik Enerji Yatırımları San. ve Tic. A.Ş., Genvera Enerji A.Ş. and Cengiz Enerji Sanayii ve Ticaret A.Ş. — had also expressed interest in Fesco. Gepco did not attract any Chinese investors — unlike Fesco, which received one EOI from a Chinese company — but instead received an EOI from a Saudi investor, Al Sharif Contracting and Commercial Development Company. The local interested parties for Gepco include Engro Energy Limited, Sapphire Fibers Limited, Hub Power Holdings, Lucky Cement, Shirazi Investments (Pvt) Limited, Artistic Milliners (Pvt) Limited, Fatima Group (the new buyers of PIA), K-Electric Limited and AKD Securities, Fast Cable and Mughal Steel Group. Except for the AKD consortium, all these bidders will also compete for Fesco. Three groups that submitted EOIs for Fesco but did not show interest in Gepco include Maple Leaf Cement and Kohinoor Textile, Nishat Mills Limited and Pak Elektron Ltd. The PC welcomed the investor community's extensive engagement during domestic and international roadshows over the past six months and its confidence in Pakistan's power-sector reform agenda. 'Today marks another important achievement in the privatisation of Discos. The strong response for Gepco is indicative of investor confidence in the potential of Pakistan's electricity distribution sector and in the government's commitment to a transparent, competitive and professionally managed process,' said Muhammad Ali, prime minister's adviser on privatisation and PC chairman. The commission said it would engage constructively with the prequalified investors during the due diligence phase and discuss the contours of the post-privatisation regime. The privatisation aims to improve operational efficiency, modernise distribution infrastructure, strengthen customer service, reduce losses and support a more financially sustainable power sector, it said. 'In the long run, these measures will help create the conditions for more competitive electricity distribution and affordable, reliable power for consumers,' the PC chairman said. The EOIs and Statements of Qualification (SOQs) submitted by the interested parties would undergo a comprehensive evaluation against the approved pre-qualification criteria, the PC said. Applicants meeting the prescribed requirements will be invited to the next stage of the process, where they will be granted access to the Virtual Data Room (VDR) to undertake detailed buy-side due diligence. Gepco is among the three electricity distribution companies in Discos Batch-I, alongside Fesco and Islamabad Electric Supply Company (Iesco). The deadline for submission of EoIs for Iesco is September 7, 2026. The three are considered the most viable Discos among the 11 electricity distribution companies originally carved out of the Water and Power Development Authority (Wapda) in 1998. PC said it would ensure an open, transparent and competitive privatisation process, undertaken in the public interest and in support of the federal government's wider power-sector reform agenda.