Privatisation Board Prequalifies 10 Investors for IESCO Sale

The Privatisation Commission Board has prequalified 10 domestic and international investors for the privatisation of Islamabad Electric Supply Company Limited (IESCO), marking a key step in the government’s plan to privatise state-owned power distribution companies.

The decision was taken at the Board’s 260th meeting, chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.

The Board also approved key decisions regarding Faisalabad Electric Supply Company Limited (FESCO), Zarai Taraqiati Bank Limited (ZTBL) and State Life Insurance Corporation of Pakistan (SLIC).

Turkish and Pakistani Investors Enter IESCO Process

The 10 prequalified parties include three Turkish energy companies and several prominent Pakistani business groups and investment consortia.

The approved list includes Aktor Elektrik Enerji Yatirimlari, Genvera Enerji and Cengiz Enerji from Türkiye. Pakistani participants include Engro Energy, Artistic Milliners, Hub Power Holding, Sapphire Fibers, Novatex, Bestway Cement and a consortium led by Hasnaat Brothers Construction.

The Artistic Milliners consortium includes The Lake City Holdings, Fatima Capital, Din Ventures and Fazal Cloth Mills. Meanwhile, the Hub Power Holding consortium comprises Lucky Cement, Kohat Cement and Metro Ventures.

The Hasnaat Brothers Construction consortium includes Dhilal Holding Group, Pak Steel, Bio-Labs and Farid Steel Casting.

The prequalified investors will move to the next stage of the transaction under the approved process. They will receive access to the Virtual Data Room (VDR) to conduct detailed due diligence.

IESCO is part of the first batch of power distribution companies selected for privatisation, alongside FESCO and Gujranwala Electric Power Company Limited (GEPCO).

Artistic Milliners Consortium Gets FESCO Approval

In a separate decision, the Board approved the addition of consortium members to Artistic Milliners, which has already qualified for the FESCO privatisation process.

The approval will enable the expanded consortium to participate across the Batch-I power distribution company transactions, subject to the applicable requirements.

ZTBL Plan Revised to Protect Agricultural Financing

The Board also approved changes to the transaction structure and restructuring plan for ZTBL.

According to the Privatisation Commission, the revisions follow the Prime Minister’s directions to preserve the bank’s focus on agricultural and farmer financing after privatisation.

The decision aims to maintain ZTBL’s role in supporting farmers and Pakistan’s agricultural sector during the transition.

Deutsche Bank-Led Consortium Selected for State Life Advisory Role

The Board selected a consortium led by Deutsche Bank as the top-ranked party for appointment as Financial Adviser for the privatisation of State Life Insurance Corporation of Pakistan.

It also formed a Negotiation Committee to finalise the Financial Advisory Services Agreement with the consortium.

The appointment is a key step in preparing the transaction’s advisory framework.

Government Reaffirms Privatisation Commitment

The Privatisation Commission Board reaffirmed its commitment to conducting transactions through transparent, competitive and professionally managed processes.

The government aims to attract credible local and international investment, improve operational efficiency and service delivery, and maximise value for the state and the public.

The latest decisions advance several transactions under Pakistan’s privatisation programme, with IESCO’s prequalification stage now moving towards investor due diligence.