The Privatisation Commission Board has approved 10 interested parties for the privatisation of Faisalabad Electric Supply Company (FESCO). The decision came during the board’s 258th meeting held in Islamabad on Friday. Muhammad Ali, Adviser to the Prime Minister on Privatisation, chaired the session.
According to an official statement, the commission received 12 Expressions of Interest (EOIs) for FESCO. After reviewing submissions against approved criteria, the Financial Adviser recommended 10 parties for prequalification. Consequently, the board approved their progression to the next stage of the transaction.
The approved parties include Aktor Elektrik Enerji Yatirimlari, Genvera Enerji, Cengiz Enerji, and Engro Energy Limited. In addition, Sapphire Fibres Limited and several business consortiums secured prequalified status. The selected firms will now gain access to the Virtual Data Room for detailed due diligence.
Board Advances Next Stage Of Transaction
The prequalified parties will proceed under the approved privatisation framework. Furthermore, they will conduct buy-side assessments before the transaction moves forward. Officials stated that the process aims to ensure fair competition and transparency.
During the meeting, the board also approved the reconstitution of several internal committees. These include Audit and Risk, Human Resources, Investment, and Legal Committees. As a result, oversight mechanisms will support future privatisation activities.
Government Pushes Ahead With DISCO Privatisation
The Privatisation Commission reaffirmed its commitment to a transparent and competitive programme. Moreover, it stressed accountability and value creation for the government and citizens. Authorities believe the initiative will improve efficiency within the power distribution sector.
Earlier, Prime Minister Shehbaz Sharif directed officials to accelerate the privatisation of electricity distribution companies. He also instructed authorities to maintain complete transparency throughout the process. Additionally, he called for a strong regulatory framework after the transfer of ownership.
Officials informed the prime minister that the first phase includes FESCO, Islamabad Electric Supply Company (IESCO), and Gujranwala Electric Power Company (GEPCO). Therefore, the government continues advancing reforms in the energy sector.
