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August 25, 2026
AKD Securities, Fast Cables and Mughal Steel enter the GEPCO privatisation race as 11 investors compete for control of the major power distributor.
AKD Securities Limited, Fast Cables Limited and Mughal Iron & Steel Industries Limited have formally joined a consortium seeking to participate in the privatisation of Gujranwala Electric Power Company (GEPCO). The three companies disclosed their participation through separate notices to the Pakistan Stock Exchange on August 24, with each board approving the consortium arrangement.
The consortium comprises AKD Securities, Fast Cables, AJCL (Private) Limited and Mughal Iron & Steel. AKD Securities has been appointed lead member and authorised to represent the consortium during the privatisation process, including through delegated authority where required.
The companies have obtained the Request for Statement of Qualification (RSOQ) issued by the Privatisation Commission for GEPCO. However, their participation does not yet constitute a binding commitment, remaining subject to prequalification, due diligence and the necessary corporate and regulatory approvals.
The move comes after the Privatisation Commission received Expressions of Interest from 11 prospective investors seeking between 51% and 100% of GEPCO alongside management control. The field includes Turkish companies Aktor Elektrik Enerji Yatırımları, Genvera Enerji and Cengiz Enerji, Saudi Arabia’s Al Sharif Contracting and Commercial Development Company, and several major Pakistani business groups.
Among the Pakistani participants are Engro Energy, Sapphire Fibers, Hub Power Holdings and Lucky Cement, Shirazi Investments, Artistic Milliners and Fatima Group, K-Electric, and the AKD-led consortium. The submitted EOIs and Statements of Qualification will now be assessed against the Commission’s approved prequalification criteria before successful applicants proceed to detailed due diligence.
Privatisation Commission Chairman Muhammad Ali described the response as a significant development, saying, “The strong response for GEPCO is indicative of investor confidence” in Pakistan’s electricity distribution sector and the government’s reform process. GEPCO is part of the first batch of distribution companies targeted for privatisation, alongside FESCO and IESCO.
The development also follows strong interest in FESCO, where a Nishat Group-led consortium has pursued the proposed divestment. Overall, the competing bids signal increasing private-sector interest in Pakistan’s planned restructuring of electricity distribution companies.
