KARACHI: Nishat Mills Limited has expressed its interest in acquiring management control of Faisalabad Electric Supply Company (Fesco).
According to a bourse filing, the Mills has submitted expression of interest (EoI) with the Privatisation Commission of Pakistan to take part in the selloff process of 74 percent shareholding in Fesco.
The government is privatising all 68 public sector entities approved for selloff by the Council of Common Interest (CCI) in 2011. There are 25 entities on the active list of the privatisation, which included profitable, as well as loss-making entities such as Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM).
Three power distribution companies, including Fesco, Lahore Electric Supply Company (Lesco) and Islamabad Electric Supply Company (Iesco) would be privatised in the first stage. Multan Electric Power Company (Mepco), Hyderabad Electric Supply Company (Hesco) and Peshawar Electric Supply Company (Pesco) would be privatised at a later stage.
The Cabinet Committee on Privatization (CCoP) had approved the Fesco transaction structure on October 2. Fesco had earned profit worth Rs29.69 billion during 2014 as against Rs24.05 billion during the preceding year. It has total assets worth Rs135.95 billion.
