Fast Cables joins a consortium with AKD Securities, AJCL and Mughal Iron and Steel Industries to participate in GEPCO’s proposed privatisation.

KARACHI: Fast Cables Limited has disclosed material information to the Pakistan Stock Exchange (PSX) regarding its participation in the proposed privatisation of Gujranwala Electric Power Company (GEPCO).

According to the company’s notice to the PSX on Monday, Fast Cables has obtained the Request for Statement of Qualification (RSOQ) issued by the Privatisation Commission for the divestment of GEPCO through privatisation.

The Board of Directors of Fast Cables has approved the company’s participation in a consortium comprising Fast Cables Limited, AKD Securities Limited, AJCL (Private) Limited and Mughal Iron and Steel Industries Limited.

The consortium members have irrevocably designated AKD Securities Limited as the Lead Consortium Manager.

AKD Securities has been authorised, through its authorised representative and with the power to sub-delegate, to conduct business on behalf of Fast Cables and the consortium throughout the privatisation process.

Transaction remains subject to approvals

Fast Cables clarified that, as of the date of the disclosure, the company has not assumed any binding obligation in connection with the proposed transaction.

The potential transaction remains subject to the pre-qualification process of the Privatisation Commission, as well as all required corporate and regulatory approvals.

The company said it would keep the Pakistan Stock Exchange informed about material developments concerning its participation in the privatisation process.

GEPCO is one of Pakistan’s major power distribution companies and serves consumers across several districts of Punjab.

The proposed privatisation forms part of the government’s broader efforts to attract private-sector participation in the power distribution sector and improve operational efficiency.