Lucky Cement consortium submits EOI, cleared for FESCO due diligence

August 28, 2026 (MLN): Lucky Cement Limited (PSX:LUCK), along with Hub Power Holdings Limited, Kohat Cement Company Limited, and Metro Ventures (Private) Limited, has formed a consortium and submitted an Expression of Interest and Statement of Qualification for the proposed acquisition of a 51% to 100% equity stake, along with management control, in Faisalabad Electric Supply Company Limited (FESCO), which is being offered for divestment by the Government of Pakistan through a privatization process.

The consortium, along with other interested parties, has been pre-qualified by the Privatisation Commission and shortlisted to conduct financial, technical, and legal due diligence on FESCO.

Under applicable privatization laws, the equity stake in FESCO will ultimately be offered through a competitive bidding process.

The company clarified that neither Lucky Cement nor the consortium has entered into any binding commitment with any party for the acquisition of equity in FESCO.

Any such commitment would only be made following satisfactory completion of due diligence, receipt of all applicable corporate and regulatory approvals, and a determination that the transaction is commercially viable.

At this stage, the company, through the consortium, intends only to undertake a comprehensive due diligence exercise and evaluate the viability of the potential acquisition opportunity.

The aforementioned information was disseminated through a notification to Exchange.

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