A major corporate consortium comprising Lucky Cement Limited, Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited has been officially pre-qualified and shortlisted to participate in the privatization of Gujranwala Electric Power Company Limited (GEPCO). According to a material information filing submitted to the Pakistan Stock Exchange (PSX) on Wednesday, the four companies jointly submitted an Expression of Interest (EOI) and a Statement of Qualification (SOQ) to acquire between 51% and 100% of GEPCO’s equity stake, alongside full management control.
The Government of Pakistan is offering GEPCO for divestment as part of its broader power-sector privatization program aimed at attracting private capital and improving electricity distribution efficiency. Following its pre-qualification by the Privatisation Commission, the consortium—alongside other shortlisted bidders—has been cleared to conduct comprehensive financial, technical, and legal due diligence on the power distribution utility.
“The consortium, together with other interested parties, has been pre-qualified by the Privatisation Commission and shortlisted to conduct financial, technical, and legal due diligence on GEPCO.”
Due Diligence Phase and Non-Binding Status
In its disclosure to the exchange, Lucky Cement emphasized that participation at this stage remains exploratory and strictly non-binding:
- No Binding Commitment: Neither Lucky Cement nor the broader consortium has entered into any binding financial or legal agreement with any party to acquire equity in GEPCO at this stage.
- Comprehensive Viability Assessment: The consortium’s immediate objective is limited to accessing the Virtual Data Room (VDR) and conducting an in-depth buy-side due diligence exercise to evaluate the commercial, operational, and financial viability of the power utility.
- Conditions for Final Bidding: Any binding bid or formal commitment will only be made after the satisfactory completion of due diligence, confirmation that the acquisition is commercially viable, and the receipt of all mandatory corporate and regulatory approvals.
- Competitive Bidding Process: Under Pakistan’s applicable privatization laws, the final divestment of the 51% to 100% equity stake in GEPCO will be executed through an open, competitive bidding process among qualified parties.
Broader Competition: Nine Bidders Cleared by Privatisation Commission
The shortlisting of the Lucky–Hubco–Kohat–Metro consortium comes right after the Privatisation Commission Board reviewed 11 Expressions of Interest and approved nine pre-qualified parties for the GEPCO transaction. Alongside the Hub Power Holdings and Lucky Cement consortium, the competing domestic and international bidders cleared for the due diligence stage include:
- Three Turkish Energy Firms: Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S., and Cengiz Enerji Sanayii Ve Ticaret A.S.
- Domestic Energy & Industrial Giants: Engro Energy Limited and Sapphire Fibers Limited.
- Competing Corporate Consortia: Shirazi Investments (Pvt.) Limited Consortium, Artistic Milliners (Pvt.) Limited Consortium, and AKD Securities Consortium.
| Transaction Parameter | Official Details |
| Target Utility | Gujranwala Electric Power Company Limited (GEPCO) |
| Offered Equity Stake | 51% to 100% (with full management control) |
| Consortium Members | Lucky Cement Ltd, Hub Power Holdings Ltd, Kohat Cement Co. Ltd, Metro Ventures (Pvt.) Ltd |
| Regulatory Authority | Privatisation Commission of Pakistan |
| Current Transaction Stage | Pre-qualified for Financial, Technical & Legal Due Diligence |
| Total Prequalified Bidders | 9 Parties (out of 11 EOIs received) |
| Final Sale Mechanism | Competitive Bidding Process (Non-binding at current stage) |
“Any binding commitment will only follow the satisfactory completion of due diligence, receipt of all corporate and regulatory approvals, and a determination that the GEPCO acquisition is commercially viable.”