JDW Sugar Mills Enters FESCO Privatization Race With Pakgen-Led Group

JDW Sugar Mills Limited has joined a consortium led by Pakgen Limited to compete in the Privatization Commission's process for the sale of Faisalabad Electric Supply Company Limited (FESCO). The announcement was made in a notice to the Pakistan Stock Exchange on August 20, indicating that JDW Sugar Mills has amended its Statement of Qualification to participate in the FESCO privatization process.

The transaction is contingent upon pre-qualification by the Privatization Commission as well as the necessary corporate and regulatory approvals. No binding obligations have been assumed at this stage. The proposed consortium consists of ten members, with Pakgen Limited as the lead member and JDW Sugar Mills Limited among the other participants.

These firms span various sectors including power generation, engineering, manufacturing, agriculture, and sugar. The Privatization Commission recently issued the Request for Statement of Qualification (RSOQ) for FESCO, prompting investor interest from major Pakistani business groups. The government is actively pursuing the privatization of FESCO, alongside Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO), as part of its strategy to restructure and introduce private-sector management and investment into the power distribution system.

JDW Sugar Mills has not committed to the transaction and its participation is contingent upon the consortium's pre-qualification and subsequent approvals.