Govt Shortlists 10 Investors for IESCO Sale

For context, the Privatization Commission Board has prequalified 10 firms and business groups to participate in the privatisation of Islamabad Electric Supply Business (IESCO), moving the power utility closer to the next stage of the sale process.

Key points

• The decision was taken during the board's 260th session, chaired by Privatization Adviser Muhammad Ali on Thursday.
• IESCO is part of the first batch of power distribution firms being prepared for privatization, alongside Faisalabad Electric Supply Business (FESCO) and Gujranwala Electric Power Firm (GEPCO).
• The board additionally approved changes to the privatization structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL).
• A negotiation committee has been formed to finalize the Financial Advisory Services Agreement with the consortium.
• The shortlisted parties include three Turkish energy firms and a number of major Pakistani business groups.

Meanwhile, the decision was taken during the board's 260th session, chaired by Privatization Adviser Muhammad Ali on Thursday. PM Shehbaz Defends Kundi Rule.

Meanwhile, the shortlisted parties include three Turkish energy firms and a number of major Pakistani business groups. They will be allowed to access the Virtual Data Room to examine detailed information regarding IESCO before proceeding with the next stage of the transaction.

In practice, the prequalified parties are 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, and a consortium led by Hasnaat Brothers Construction.

In another decision, the board approved the addition of consortium members to Artistic Milliners for its participation in the FESCO privatization process.

For context, the board additionally approved changes to the privatization structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL).

Separately, the board selected a consortium led by Deutsche Bank as the top-ranked candidate to serve as financial adviser for the privatization of State Life Insurance Corporation of Pakistan.

For context, a negotiation committee has been formed to finalize the Financial Advisory Services Agreement with the consortium. Stay Connected with ProPakistani.

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Taken together, the developments around govt Shortlists 10 Investors for IESCO Sale point to a situation that is still moving, and the coming days should bring more clarity.