By Asad Cheema
ISLAMABAD:The Privatization Commission (PC) Board on Monday considered and approved key measures to advance ongoing privatization transactions across the power, aviation and financial sectors.
The Board met under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatization and Chairman of the Privatization Commission. As a major agenda item, the Board approved the prequalification of 9 Interested Parties (IPs) for the privatisation of GEPCO.
The Board was informed that 11 Expressions of Interest (EOIs) had been received for GEPCO for the acquisition of 51% to 100% shareholding, together with management control. Following evaluation of the submissions against the approved prequalification criteria, the Financial Adviser recommended 9 Interested Parties for prequalification and progression to the next stage of the transaction.
The Board approved prequalified Interested Parties, including 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, AKD Securities Consortium .
The prequalified parties include three Turkish energy companies, alongside leading Pakistani business groups and investment consortia, reflecting continued domestic and international investor interest in Pakistan’s electricity distribution sector.
Of the remaining Interested Parties, K-Electric formally withdrew its Expression of Interest through written intimation to the Privatisation Commission, while Al Sharif Contracting & Commercial Development Co. Ltd. was unable to provide the documents required under the Request for Statement of Qualification (RSOQ).
The 9 prequalified parties will now proceed to the next stage of the transaction in accordance with the approved process, including access to the Virtual Data Room (VDR) for detailed buy-side due diligence.
On the aviation sector, the Board considered the reconstitution of the Negotiation Committee for the outsourcing/concession of Allama Iqbal International Airport, Lahore; Jinnah International Airport, Karachi; and Islamabad International Airport, as part of the Commission’s ongoing efforts to advance the airport outsourcing programme through a structured transaction process.
The Board also reviewed progress on key financial-sector transactions and advised the Transaction Advisers to fast-track the privatisation processes for House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL), with a view to ensuring timely progress of both transactions.
The Board reaffirmed its commitment to advancing the Government’s privatization program through transparent, competitive and professionally managed transactions, with a focus on attracting credible domestic and international investment, improving efficiency and service delivery, and maximizing value for the Government and the people of Pakistan.
