ISLAMABAD (Web Desk) – The Privatisation Commission Board has approved 10 local and international investors for the next stage of the Islamabad Electric Supply Company (IESCO) privatisation process, marking progress in the government’s efforts to attract private investment into the power distribution sector.
The prequalified parties include three Turkish energy companies — Aktor Electric, Genvera Energy and Cengiz Energy — alongside Pakistani businesses Engro Energy, Novatex, Sapphire Fibres and Bestway Cement.
Consortia led by Artistic Milliners, Hub Power and Hasnat Brothers Construction have also qualified to participate in the process.
According to the announcement, all 10 parties will receive access to a virtual data room containing detailed information about IESCO, enabling potential investors to assess its financial position, assets, operational performance and business prospects before subsequent bidding stages.
IESCO is among three electricity distribution companies included in the first phase of the government’s privatisation programme. The other two are Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
The board has also approved the inclusion of additional members in the Artistic Milliners-led consortium for FESCO’s privatisation. Following the decision, the consortium will be eligible to participate in the privatisation process for all distribution companies included in Batch One.
In a separate development, the board approved changes to the transaction structure and restructuring plan for the proposed privatisation of Zarai Taraqiati Bank Limited (ZTBL). The bank is expected to retain its focus on agricultural financing and providing financial services to farmers and 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 will finalise the agreement with the adviser to facilitate further progress on the transaction.
The government aims to improve operational efficiency, encourage investment and address longstanding challenges in the power sector through its privatisation programme.
However, the prequalification of IESCO investors represents an initial step rather than a completed sale. Further assessments, due diligence and competitive bidding will be required before any final transaction can take place.
