Pakistan, Sept. 19 -- Sapphire Fibres Limited's board has approved the company's participation in the privatisation process of Islamabad Electric Supply Company (IESCO).

The listed textile manufacturer disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. "Sapphire Fibres Limited obtained the Request for Statement of Qualification as amended or supplemented from time to time (RSOQ) issued by the PC, for the divestment of IESCO through privatisation," read the notice.

"The Board of Directors of the company has approved participation in the transaction, and as at the date hereof the company has not assumed any binding obligation in this respect, which remains subject to pre- qualification by the PC and to a...