The Privatization Commission of Pakistan has prequalified 10 domestic and international investors for the planned sale of Islamabad Electric Supply Company (IESCO).
The decision was taken at the commission’s 260th board meeting, chaired by Muhammad Ali, the prime minister’s adviser on privatization.
The shortlisted parties include three Turkish energy companies and several prominent Pakistani business groups and investment consortia.
The successful applicants will move to the next stage of the process, gaining access to a virtual data room to carry out detailed due diligence on IESCO before proceeding further with the transaction.
The 10 prequalified interested parties are:
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- Aktor Elektrik Enerji Yatirimlari San. ve Tic. A.S. (Türkiye)
- Genvera Enerji A.S. (Türkiye)
- Cengiz Enerji Sanayii ve Ticaret A.S. (Türkiye)
- Engro Energy Limited
- Artistic Milliners (Pvt) Limited consortium, including The Lake City Holdings, Fatima Capital Limited, Din Ventures and Fazal Cloth Mills
- Hub Power Holding Limited consortium, including Lucky Cement, Kohat Cement and Metro Ventures
- Sapphire Fibers Limited
- Novatex Limited
- Bestway Cement Limited
- Hasnaat Brothers Construction Co. consortium, including Dhilal Holding Group, Pak Steel, Bio-Labs and Farid Steel Casting
The commission said the participation of domestic and international investors reflected interest in Pakistan’s electricity distribution sector.
IESCO is among the first group of power distribution companies identified for privatization, alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
In the meeting, the board also approved the addition of members to the Artistic Milliners consortium, which has already qualified for the FESCO transaction.
The move is intended to facilitate the consortium’s participation across the first batch of distribution company sales, subject to the relevant transaction requirements.
The government has been pursuing the privatization of state-owned enterprises as part of efforts to improve operational efficiency, service delivery and the management of public assets.
The board also approved changes to the transaction structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL).
According to the commission, the revisions follow directions from the prime minister to ensure that the bank retains its focus on agricultural lending and financing for farmers after privatization.
ZTBL plays a role in providing financial support to Pakistan’s agricultural sector, making the continuation of its lending mandate a key consideration in the proposed transaction.
In a separate decision, the board selected a consortium led by Deutsche Bank as the top-ranked bidder for the role of financial adviser to the privatization of State Life Insurance Corporation of Pakistan (SLIC).
A negotiation committee has been formed to finalize the Financial Advisory Services Agreement with the consortium.
The appointment is a step towards preparing the transaction, although it does not itself mean that State Life has been privatized.
The Privatization Commission said it remained committed to conducting transactions through transparent and competitive processes, with the aim of attracting investment and securing value for the government and the public.