Fast Cables Joins Consortium Seeking GEPCO Divestment -

Fast Cables Limited has announced its participation in a consortium seeking to acquire the Gujranwala Electric Power Company (GEPCO) as part of the government’s ongoing efforts to privatise state-owned power distribution companies.

In a material information notice submitted to the Pakistan Stock Exchange (PSX), Fast Cables said it had obtained the Request for Statement of Qualification (RSOQ) issued by the Privatization Commission for the proposed divestment of GEPCO through a privatisation transaction.

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

The consortium intends to participate in the government-led process for the proposed transaction, subject to the completion of the required qualification and approval procedures.

According to the disclosure, the consortium members have designated AKD Securities Limited as the Lead Consortium Member. AKD Securities has been authorised to represent the consortium and conduct business on behalf of Fast Cables and the other consortium members in connection with the privatisation process.

The lead member may also sub-delegate relevant powers where necessary.

Fast Cables, however, clarified that its participation at this stage does not constitute a binding commitment to complete the transaction. The company said it had not assumed any binding obligation in respect of the proposed acquisition as of August 24.

The proposed transaction remains subject to the pre-qualification process of the Privatization Commission, along with the fulfilment of all applicable corporate, regulatory and other required approvals.

The company therefore stressed that the disclosure should be viewed in the context of its participation in the ongoing qualification process rather than as confirmation of a completed acquisition.

The development comes as the government continues efforts to advance the privatisation and restructuring of the country’s power distribution sector. GEPCO is one of Pakistan’s major electricity distribution companies, serving consumers across several districts in Punjab.

Fast Cables said it would continue to comply with all relevant regulatory requirements and keep the Pakistan Stock Exchange informed of any material developments concerning its participation in the GEPCO privatisation process.-ERMD

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