ISLAMABAD: The Privatisation Commission (PC) Board has approved the prequalification of 10 Interested Parties (IPs) for the privatisation of the Faisalabad Electric Supply Company (FESCO), according to a press release issued by the commission on Friday.
The decision was taken at the 258th meeting of the PC Board, held in Islamabad and chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.
The Board was informed that 12 Expressions of Interest (EOIs) had been received for FESCO. Following an evaluation of the submissions against the approved prequalification criteria, the Financial Adviser recommended 10 Interested Parties for prequalification and progression to the next stage of the transaction.
The Board approved the following parties for FESCO’s privatisation:
Aktor Elektrik Enerji Yatirimlari San. Ve Tic.
Genvera Enerji
Cengiz Enerji Sanayii Ve Ticaret
Engro Energy Limited
Sapphire Fibres Limited
Hub Power Holdings Consortium, comprising Lucky Cement, Kohat Cement and Metro Ventures
Shirazi Investments (Pvt) Limited
Maple Leaf Cement Factory Limited Consortium, comprising Kohinoor Textile Mills
Pakgen Limited Consortium, comprising Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy
Artistic Milliners (Pvt) Limited
The prequalified parties will now proceed to the next stage of the transaction in accordance with the approved process, including access to the Virtual Data Room (VDR) for detailed buy-side due diligence.
The Board also approved the reconstitution of its Audit and Risk, Human Resources, Investment, and Legal Committees.
The Privatisation Commission Board reaffirmed its commitment to advancing the government’s privatisation programme through transparent, competitive and professionally managed transactions, with a focus on accountability and maximising value for the government and people of Pakistan, the statement said.
Earlier, Prime Minister Shehbaz Sharif directed relevant authorities to accelerate the privatisation process of electricity distribution companies (DISCOs), reiterating that the divestment of loss-making State-Owned Enterprises (SOEs) remains a key government priority.
Chairing a high-level review meeting in Islamabad, Prime Minister Sharif instructed officials to ensure complete transparency throughout the privatisation process and establish a robust regulatory framework immediately following the transition of the DISCOs to the private sector.
During a briefing on the progress of the privatisation programme, officials informed the meeting that the first phase would involve the privatisation of the Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO), and FESCO.
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