ISLAMABAD, JUL 28 /DNA/ – The Privatisation Commission (PC) Board, chaired by Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation, convened today to review and recommend key milestones in the Government’s privatisation agenda. The Board formally recommended that the Cabinet Committee on Privatisation (CCoP) approve the restructuring plans and schemes of arrangement for the privatisation of the first batch of power distribution companies (DISCOs): Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO).
The restructuring framework, developed using audited financial statements for the period ending March 31, 2026, is designed to balance value maximization for the Government of Pakistan with commercial viability to attract private sector investment. Under the proposed structure, a Government-owned Special Purpose Vehicle (SPV) will be established to carve out selected assets and liabilities of the three DISCOs. This mechanism aims to create a streamlined, efficient transaction structure that mitigates risks and enhances the appeal to prospective buyers.
Investor Interest and EOI Timeline
The Board was apprised of significant interest from both domestic and international investors in the privatisation of these entities. To maintain a transparent and competitive bidding process, the deadlines for submission of Expressions of Interest (EOIs) have been set as follows:
- FESCO: August 7, 2026
- GEPCO: August 21, 2026
- IESCO: September 7, 2026
In a separate agenda item, the Board constituted two Transaction Committees to oversee the outsourcing process for Islamabad, Lahore, and Karachi airports. The Asian Development Bank (ADB) has been appointed as Financial Adviser for the outsourcing of Islamabad International Airport, while the process for appointing Financial Advisers for Lahore and Karachi airports is currently underway.
To ensure financial accountability, the Board approved the appointment of RSM Avais Hyder Liaquat Nauman, Chartered Accountants, as auditors for privatisation transactions completed during the financial years 2024–25 to 2026–27. The firm will conduct separate audits of each completed transaction. Additionally, the annual audit of the Privatisation Commission’s financial statements for the financial years 2025–26 to 2027–28 will be carried out by BDO Ebrahim & Co., Chartered Accountants, which was appointed earlier through a competitive bidding process.
The Board reaffirmed its commitment to implementing the Government’s privatisation programme in a transparent, competitive, and professionally managed manner. The initiatives are aimed at promoting efficiency, attracting private investment, and maximising value for the Government and the people of Pakistan.
