JS Pre-Qualified to Acquire Full Stakes in Quaid-e-Azam Solar Power

According to Jahangir Siddiqui Company Limited’s (JSCL) notice to the bourse, they have pre-qualified for acquisition of 100% equity stake of Quaid-e-Azam Solar Power (Pvt.) Ltd.

Earlier, Government of Punjab invited bids for acquisition of a 100 MW solar power project installed in District Bahawalpur, Punjab from different power companies.

The Privatization Board of Government of Punjab has pre-qualified Jahangir Siddiqui Company Ltd. for the 100% equity sell-off in the project. The transaction is subject to all relevant internal and regulatory approvals.

Quaid-e-Azam Solar Power (Pvt.) Limited is a public-sector “for profit” company established by the Government of the Punjab. The company has been established for the setting up of renewable energy projects in general and solar energy power projects.

The company has been making inroads in the energy sector after the Board of Directors approved long term equity investment of up to Rs. 2,000 million in Energy Infrastructure Holding (Pvt.) Ltd.

The company would operate as a wholly owned subsidiary of the JSCL, after subscription of Right Shares which will be offered by Energy Infrastructure Holdings for further investment in Energy, Petroleum and Infrastructural sectors.

At the time of filing this report, its shares were trading at Rs. 16.32, up Rs. 0.32.

The Directors at JSCL approved raising funds up to Rs. 1,500 million through issuance of a term finance certificate.

Jahangir Siddiqui & Co. Ltd. (JSCL) is primarily an investment company in financial services which also makes long term investments in growing companies in Pakistan.

In financial services, its investments cover all sectors including asset management, commercial banking, investment banking, Islamic banking, securities brokerage and insurance.

JSCL also benefits from strategic long term investments including technology, transportation, media, and industrial sector companies.