Pakistan has prequalified 10 parties, including three Turkish firms, to bid for Faisalabad Electric Supply Co. (FESCO), advancing the state-owned power utility's privatization to its next stage. The Privatization Commission Board approved the prequalification at its 258th meeting on Friday.
How many parties applied for FESCO privatization?
The Privatization Commission received 12 expressions of interest for FESCO. After evaluating the submissions against approved criteria, the commission's financial adviser recommended 10 parties for prequalification and further participation in the transaction. The meeting was chaired by Muhammad Ali, adviser to Prime Minister Shehbaz Sharif on privatization and chairman of the Privatization Commission.
Who are the prequalified bidders for FESCO?
The 10 prequalified parties include three Turkish firms: Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S. and Cengiz Enerji Sanayii Ve Ticaret A.S. The remaining bidders are Engro Energy Limited, Sapphire Fibres Limited, Shirazi Investments (Pvt) Limited, Artistic Milliners (Pvt) Limited, and three consortia. The Hub Power Holdings consortium comprises Lucky Cement, Kohat Cement and Metro Ventures. The Maple Leaf Cement Factory Limited consortium includes Kohinoor Textile Mills, while the Pakgen Limited consortium comprises Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy.
What happens next in the FESCO sale process?
The prequalified parties will now move to the next stage of the transaction process, which includes access to a Virtual Data Room for detailed buy-side due diligence. The board also approved the reconstitution of its Audit and Risk, Human Resources, Investment and Legal committees.
The commission said the board reaffirmed its commitment to advancing the government's privatization program through transparent, competitive and professionally managed transactions, with a focus on accountability and maximizing value for the government and the people of Pakistan.
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