Islamabad Capital Territory

Islamabad | ReNews Pakistan
Renewable energy company Ningbo Green Light Energy is set to become the first company in Pakistan to enter the stock market through a Special Purpose Acquisition Company,with its backdoor listing expected to be completed within weeks.
Chief Executive Officer Qasim Ningbo told Bloomberg that Ningbo Green Light Energy,which imports solar equipment for renewable energy projects,is awaiting court approval for a reverse takeover of LSE SPAC One Limited.
LSE SPAC One is a subsidiary of LSE Capital Limited,which raised Rs250 million through an initial public offering in May. The company used the proceeds to acquire a 19.04 percent stake in Ningbo Green Light Energy,which is partly owned by Ningbo Green Light Energy Group Company Limited.
Pakistan’s initial public offering market has seen a notable recovery in recent years,with the momentum continuing through 2026. New listings have generally recorded strong performance after listing.
The recovery has been supported by improving economic stability under the International Monetary Fund programme,positive market sentiment,high liquidity,lower interest rates and greater political stability,which have collectively encouraged equity investment.
LSE Chief Executive Officer Aftab Ahmed Chaudhry told Bloomberg that traditional initial public offerings in Pakistan have generally been associated with mature and established companies. He said the new structure could allow companies still in their growth phase and unable to meet the usual size requirements for an IPO to access capital markets.
Pakistan is also seeing growing interest in alternative energy sources,particularly solar power,which is gaining popularity across residential and commercial sectors. The country remains heavily dependent on imported oil and liquefied natural gas,making it vulnerable to fluctuations in global energy prices.
The ongoing US Iran war and the effective closure of the Strait of Hormuz have contributed to fuel shortages and increased pressure on the government to accelerate efforts to explore alternative energy sources while introducing energy conservation measures.

Islamabad | ReNews Pakistan
Pakistani textile manufacturer Sapphire Fibres Limited has joined the privatisation process of Islamabad Electric Supply Company,with the company’s board approving participation in the proposed transaction involving the sale of IESCO shares through privatisation. Sapphire Fibres disclosed the development in a notice to the Pakistan Stock Exchange on Friday.
According to the notice,Sapphire Fibres has obtained the Request for Statement of Qualification issued by the Privatisation Commission for the divestment of IESCO through privatisation. The company’s board has approved participation in the transaction,although Sapphire Fibres has not assumed any binding obligation at this stage.
The company said its participation remains subject to pre qualification by the Privatisation Commission and all required corporate and regulatory approvals. It also stated that,once approval is granted,the company may form a consortium with other investors.
The privatisation of IESCO is part of the government’s wider programme to privatise several power distribution companies,with the stated objectives of reducing power losses,improving bill recovery and enhancing service delivery.
The government has offered between 51 percent and 100 percent shareholding along with management control in FESCO,GEPCO and IESCO to local and international investors. The Privatisation Commission has extended the deadline for submission of Expressions of Interest for IESCO to September 21,2026 at 4:00pm Pakistan time.
The restructuring plan for FESCO,GEPCO and IESCO has also been approved. Under the plan,selected assets,including land,and certain liabilities,particularly post retirement benefits of employees who have already retired,will be transferred to a government owned Special Purpose Vehicle,while benefits of existing employees will remain with the respective distribution companies.
IESCO has reported an improvement in its operational performance,with line losses declining from 8.75 percent to 7.6 percent over the past two financial years.

Islamabad | ReNews Pakistan
K Electric has prepared a plan to shift Bin Qasim Power Station III (BQPS III) to locally produced gas in an effort to reduce generation costs and limit the impact of expensive electricity on consumers in Karachi. The utility has submitted an application to the National Electric Power Regulatory Authority (NEPRA) seeking an amendment to its generation licence.
Under the proposed amendment, K Electric has requested permission to use both locally produced gas and imported gas as primary fuels for BQPS III, while diesel would remain available as an alternative fuel. The company has proposed Sui Southern Gas Company (SSGC) as the supplier of indigenous gas.
According to the application, the turbines at BQPS III are currently connected to an imported gas system, with imported gas supplied through Pakistan LNG Limited. K Electric said it has held positive discussions with the Petroleum Division and SSGC regarding arrangements for the supply of local gas.
K Electric has maintained that increasing the use of local gas could reduce reliance on imported fuel and lower fuel costs, potentially reducing the cost of electricity generation. The company has said that any reduction in generation costs could benefit consumers through lower electricity tariffs.
The utility has also stated that access to local gas could provide greater operational flexibility when imported gas is unavailable, helping maintain electricity generation during supply disruptions.
NEPRA records show that BQPS III is a 942.32 MW combined cycle power plant and forms part of K Electric’s generation fleet. The regulator’s records list natural gas, RLNG and RFO among the fuels associated with K Electric’s generation facilities.
NEPRA issued a notice on September 18, 2026 regarding K Electric’s proposed modification to its generation licence and has invited public comments on the application. The proposal will remain subject to the regulatory process and NEPRA’s final decision.
The application also involves the installation of new compressors, which could affect the plant’s generation capacity. The availability of indigenous gas, supply arrangements with SSGC and approval of the proposed licence modification will be key factors in implementing the plan.