ISLAMABAD: The Privatization Commission Board has prequalified 10 companies and business groups for the privatization of Islamabad Electric Supply Company (IESCO). The decision moves the power distribution company closer to the next stage of the sale process.
The board approved the decision during its 260th meeting on Thursday. Privatization Adviser Muhammad Ali chaired the meeting.
The shortlisted bidders include three Turkish energy companies and several prominent Pakistani business groups. They will now receive access to a Virtual Data Room to review detailed information about IESCO.
This stage will allow the prequalified parties to examine relevant documents before proceeding further. The process is part of the government’s broader plan to privatize selected electricity distribution companies.
List of Prequalified Companies for IESCO Privatization
The Privatization Commission has approved the following 10 companies and business groups for the process:
- Aktor Elektrik
- Genvera Enerji
- Cengiz Enerji
- Engro Energy
- Artistic Milliners and its consortium partners
- Hub Power Holding and its consortium partners
- Sapphire Fibers
- Novatex
- Bestway Cement
- A consortium led by Hasnaat Brothers Construction
These companies will be able to review confidential business and operational information through the Virtual Data Room. Their participation will help move the transaction toward the next stage.
However, prequalification does not mean the companies have purchased the utility. It allows them to participate in the subsequent stages of the privatization process.
IESCO Included in First Batch of Power Companies
IESCO is among the first group of electricity distribution companies being prepared for privatization. The same batch also includes Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
The government’s initiative aims to advance the privatization of selected power distribution utilities. The process will involve further evaluation and other required steps before any final transaction.
The latest decision marks progress in the planned sale of IESCO. The next stage will allow shortlisted parties to assess the company’s operations and relevant financial information.
Other Decisions Taken by Privatization Commission Board
The board also approved the addition of consortium members to Artistic Milliners. The change concerns the company’s participation in the privatization process for FESCO.
In another development, the board approved changes to the privatization structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL).
The meeting also addressed the appointment of a financial adviser for the privatization of State Life Insurance Corporation of Pakistan.
A consortium led by Deutsche Bank emerged as the highest-ranked candidate for the advisory role. The board selected the consortium following its evaluation.
A negotiation committee has also been established to finalise the Financial Advisory Services Agreement. The agreement will be negotiated with the selected consortium.
What Happens Next in the IESCO Sale Process?
The prequalified companies will first examine the available information about IESCO. This review will help them assess the utility before proceeding with subsequent stages.
The Privatization Commission will continue working on the process under the approved framework. Further developments will depend on the completion of the required procedures and negotiations.
In other news read more about IESCO Announces Power Outages In Islamabad and Attock
The latest decision represents an important step toward the planned privatization of IESCO. It also advances the government’s wider effort to move forward with the sale of selected electricity distribution companies.
