Summary The Privatisation Commission Board has prequalified 10 local and international parties for IESCO's privatisation
ISLAMABAD (Dunya News) - The Privatisation Commission Board has approved the prequalification of 10 local and international parties to participate in the privatisation of Islamabad Electric Supply Company (IESCO), with investors from Pakistan, Türkiye and Saudi Arabia among those eligible to proceed.
According to the announcement, three Turkish energy companies — Aktor Electric, Genvera Energy and Cengiz Energy — have been prequalified to participate in the bidding process.
Other eligible companies include Engro Energy, Novatex, Sapphire Fibres and Bestway Cement.
Consortia led by Artistic Milliners, Hub Power and Hasnat Brothers Construction have also qualified for the process.
All 10 prequalified parties will be granted access to a virtual data room, allowing them to examine detailed information about IESCO before proceeding with the next stages of the privatisation process.
The prequalification marks a significant step in the government's plan to transfer selected power distribution companies to private-sector management and attract investment into the electricity distribution system.
IESCO is among three distribution companies included in the first phase, or Batch One, of the privatisation programme. The other two are Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
The Privatisation Commission Board has also approved the addition of new members to the Artistic Milliners-led consortium participating in the FESCO privatisation process.
Following the approval, the consortium will be eligible to participate in the privatisation process for all distribution companies included in Batch One.
The government is pursuing the privatisation of power distribution companies as part of broader efforts to improve operational efficiency, attract private investment and address challenges in the power sector. The process is expected to involve detailed assessments of the companies' financial position, assets, operations and business prospects before bidders submit their proposals.
In a separate decision, the Privatisation Commission Board approved changes to the transaction structure and restructuring plan for the privatisation of the Zarai Taraqiati Bank Limited (ZTBL).
The board said the bank would continue to focus on financing the agricultural sector and supporting farmers after privatisation, maintaining its role in providing financial services to agriculture-related businesses.
The board also approved the appointment of a consortium led by Deutsche Bank as financial adviser for the proposed privatisation of the State Life Insurance Corporation of Pakistan.
A committee has been formed to finalise the agreement with the financial adviser, paving the way for further work on the transaction.
The Privatisation Commission reiterated its commitment to carrying out the programme in a transparent, competitive and professional manner.
The prequalification of investors for IESCO represents an initial stage rather than a final sale. The process will move forward through further due diligence and subsequent bidding stages before any transaction can be completed.
