The government has prequalified 10 local and international investor groups for the privatization of Islamabad Electric Supply Company (IESCO), including three Turkish energy companies and several major Pakistani business groups.
The Privatization Commission Board approved the prequalification of the interested parties during its meeting on Thursday, allowing them to proceed with detailed due diligence through the transaction’s Virtual Data Room.
Turkish Companies and Pakistani Groups Shortlisted
The three Turkish companies shortlisted for the IESCO privatization are Aktor Elektrik Enerji Yatirimlari, Genvera Enerji, and Cengiz Enerji.
The Pakistani companies that qualified individually include Sapphire Fibers, Novatex, Bestway Cement, and Engro Energy. Three local consortia have also been cleared to participate in the next stage of the privatization process.
The Hub Power Holding consortium includes Lucky Cement, Kohat Cement, and Metro Ventures Limited. The Artistic Milliners consortium comprises The Lake City Holdings, Fatima Capital Limited, Din Ventures (Pvt) Limited, and Fazal Cloth Mills Limited.
The Hasnaat Brothers Construction Company consortium includes Dhilal Holding Group, Pak Steel, Bio-Labs (Pvt) Limited, and Farid Steel Casting (Pvt) Limited.
FESCO, ZTBL and State Life Privatization Updates
The board also approved the addition of new members to the Artistic Milliners consortium for the privatization of Faisalabad Electric Supply Company (FESCO). The decision allows the consortium to participate across the first batch of electricity distribution company privatizations, subject to transaction requirements.
Separately, the board approved revisions to the restructuring and transaction plan for Zarai Taraqiati Bank Limited (ZTBL). The revised structure is intended to preserve the bank’s focus on agricultural lending and farmer financing following privatization.
In another decision, the board selected a Deutsche Bank-led consortium as the top-ranked bidder to provide financial advisory services for the privatization of State Life Insurance Corporation of Pakistan.
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