ISLAMABAD: The Privatisation Commission (PC) Board on Thursday approved major decisions concerning the privatisation of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Zarai Taraqiati Bank Limited (ZTBL) and State Life Insurance Corporation of Pakistan.
The decisions were taken at the Board’s 260th meeting, chaired by Adviser to the Prime Minister on Privatisation and Privatisation Commission Chairman Muhammad Ali.
According to an official statement, the Board approved the prequalification of 10 interested parties for IESCO’s privatisation, including three Turkish energy companies and several prominent Pakistani business groups and investment consortia.
The prequalified parties include Aktor Elektrik Enerji Yatirimlari, Genvera Enerji and Cengiz Enerji from Türkiye, alongside Engro Energy, Sapphire Fibers, Novatex and Bestway Cement.
Consortia led by Artistic Milliners, Hub Power Holding and Hasnaat Brothers Construction Company were also prequalified.
The successful applicants will proceed to the next stage of the transaction, including access to the Virtual Data Room for detailed due diligence.
IESCO is part of the first batch of electricity distribution companies identified for privatisation, along with FESCO and Gujranwala Electric Power Company (GEPCO).
Regarding FESCO, the Board approved the addition of consortium members to Artistic Milliners, enabling its participation in the first batch of distribution company privatisation transactions, subject to applicable requirements.
The Board also approved revisions to ZTBL’s privatisation transaction structure and restructuring plan.
The modifications were made in accordance with the Prime Minister’s directions to ensure that the bank continues focusing on agricultural and farmer financing following privatisation.
In another decision, the Board approved the selection of a Deutsche Bank-led consortium as the top-ranked interested party for appointment as financial adviser for State Life Insurance Corporation’s privatisation.
A negotiation committee was constituted to finalise the Financial Advisory Services Agreement with the consortium.
The Privatisation Commission said the decisions were aimed at advancing the government’s privatisation programme through transparent and competitive transactions while attracting domestic and international investment and improving operational efficiency.