The Privatization Commission Board has prequalified 10 companies and business groups to participate in the privatisation of Islamabad Electric Supply Company (IESCO), moving the power utility closer to the next stage of the sale process.
The decision was taken during the board’s 260th meeting, chaired by Privatization Adviser Muhammad Ali on Thursday.
The shortlisted parties include three Turkish energy companies and several major Pakistani business groups.
They will be allowed to access the Virtual Data Room to examine detailed information about IESCO before proceeding with the next stage of the transaction.
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.
IESCO is part of the first batch of power distribution companies being prepared for privatization, alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
In another decision, the board approved the addition of consortium members to Artistic Milliners for its participation in the FESCO privatization process.
The board also 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.
A negotiation committee has been formed to finalize the Financial Advisory Services Agreement with the consortium.
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