Govt Clears 9 Parties to Buy GEPCO

While K-Electric withdrew its expression of interest (EOI) from consideration, the Privatisation Commission Board has prequalified nine parties to bid for a majority stake in Gujranwala Electric Power Firm (GEPCO).

Key points

• For the financial sector, the board directed Transaction Advisers to fast-track the privatization processes of House Building Finance Firm Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL).
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• The prequalified parties are Aktor Elektrik Enerji Yatirimlari San.

In practice, the decision was taken during the 259th session of the Privatisation Commission Board held today under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission. Solar Overtakes Nuclear as Pakistan's Top Electricity Source in 2025.

Meanwhile, the board was informed that 11 Expressions of Interest (EOIs) had been received for the acquisition of 51 percent to 100 percent of GEPCO's shareholding along with management control.

After evaluating the submissions against the approved criteria, the Financial Adviser recommended nine parties for prequalification. The board approved the recommendation.

Meanwhile, the prequalified parties are Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S., Cengiz Enerji Sanayii Ve Ticaret A.S., Engro Energy Limited, Sapphire Fibers Limited, Hub Power Holdings Consortium, Shirazi Investments (Pvt.) Limited Consortium, Artistic Milliners (Pvt.) Limited Consortium, and AKD Securities Consortium.

Notably, the group includes three Turkish energy firms along with Pakistani business groups and investment consortia.

Notably, the remaining two parties that submitted EOIs did not proceed to the next stage. While Al Sharif Contracting & Commercial Development Co, k-Electric formally withdrew its EOI. Ltd. Could not provide the documents required under the Request for Statement of Qualification.

Meanwhile, the nine prequalified parties will now receive access to the Virtual Data Room for detailed due diligence before the transaction moves forward.

Meanwhile, the board additionally reviewed the outsourcing and concession process for three major airports: Allama Iqbal International Airport in Lahore, Jinnah International Airport in Karachi and Islamabad International Airport. It considered the reconstitution of the relevant Negotiation Committee to advance the process. Airlines May Raise Fares as Jet Fuel Rates Surge.

Meanwhile, the Privatisation Commission remarked the measures are aimed at advancing the government's privatization program through competitive transactions and attracting domestic and international investment. Stay Connected with ProPakistani.

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Taken together, the developments around govt Clears 9 Parties to Buy GEPCO point to a situation that is still moving, and the coming days should bring more clarity.