ISLAMABAD: The Privatisation Commission (PC) on Friday confirmed that it had received an overwhelming response from domestic and international investors to the privatisation of Gujranwala Electric Power Company (Gepco).
In a statement, the commission announced: “Today on the closing date for submission of Expressions of Interest (EOIs), the commission has received EOIs from 11 prospective investors seeking to acquire 51% to 100% shareholding in Gepco together with management control.”
The interested parties include investors from Turkiye, Saudi Arabia and several of Pakistan’s leading business groups, read the statement.
The commission lauded the investor community’s extensive engagement during the domestic and international roadshows in the past six months and welcomed their confidence in Pakistan’s power-sector reform agenda.
“Today marks another important achievement in the privatisation of Discos. The strong response for Gepco is indicative of investor confidence in the potential of Pakistan’s electricity distribution sector and in the government’s commitment to a transparent, competitive and professionally managed process,” said Adviser to the Prime Minister on Privatisation and Chairman Privatisation Commission Muhammad Ali.
“We at Prviatisation Commission look forward to engaging constructively with the prequalified investors during the due-diligence phase and discussing the contours of the post-privatisation regime,” he added.
This privatisation aims to improve operational efficiency, modernise distribution infrastructure, strengthen customer service, reduce losses and support a more financially sustainable power sector, Ali added.
He said that these measures, in the long run, will help create the conditions for more competitive electricity distribution and affordable, reliable power for consumers.
The expressions of interest and statements of qualification submitted by the interested parties will now undergo a comprehensive evaluation against the approved prequalification criteria, read the statement.
The commission further said that the applicants meeting the prescribed requirements will be prequalified and invited to the next stage of the transaction, where they will be granted access to the virtual data room to undertake detailed buy-side due diligence. –Agencies
