Sapphire Fibres Limited has entered the privatization race for Faisalabad Electric Supply Company (FESCO), becoming the latest company to show interest in acquiring a stake in the power distribution utility.

In a notice submitted to the Pakistan Stock Exchange (PSX), the company said it has obtained the Request for Statement of Qualification (RSOQ) issued by the Privatization Commission for FESCO’s proposed divestment.

The company’s board of directors has approved participation in the transaction. However, Sapphire Fibres clarified that no binding commitment has been made at this stage, as its participation remains subject to prequalification by the Privatization Commission and completion of required corporate and regulatory approvals.

Sapphire Fibres added that it may establish a consortium for the transaction after receiving the necessary approvals and will inform the stock exchange about any significant developments.

The move comes shortly after a consortium led by Nishat Group announced its intention to participate in the FESCO privatization process.

The Privatization Commission is seeking investors for the sale of a majority stake along with management control of FESCO as part of the government’s broader plan to privatize state owned electricity distribution companies.

FESCO is one of Pakistan’s major power distribution companies, serving Faisalabad and surrounding districts, and its privatization is part of efforts to attract private investment and improve operational efficiency in the power sector.