Ten Investors Express Interest in IESCO Privatisation

The Privatisation Commission (PC) announced on Monday that it received 10 Expressions of Interest (EOIs) from both domestic and international investor groups for acquiring 51% to 100% shareholding in Islamabad Electric Supply Company (IESCO) along with management control.

According to a release from the Ministry of Privatization, these EOIs were submitted on the closing date set for the privatisation process. IESCO is one of three distribution companies included in the initial phase of the government's DISCOs Batch-I privatisation initiative.

Applicants include three Turkish firms: Aktor Elektrik Enerji Yatırımları San. ve Tic. A.Ş., Genvera Enerji A.Ş., and Cengiz Enerji Sanayii ve Ticaret A.Ş. Other interested parties from Pakistan are Engro Energy Limited, Sapphire Fibers Limited, Novatex Limited, and Bestway Cement Limited.

Additionally, four consortiums have also expressed interest: Artistic Milliners (Private) Limited Consortium, Hub Power Holding Limited Consortium, Hasnaat Brothers Construction Co. (Pvt) Limited Consortium, and another comprising The Lake City Holdings, Fatima Capital Limited, Din Ventures, and Fazal Cloth Mills.

Chairman of the Privatisation Commission and Adviser to the Prime Minister, Muhammad Ali, stated that the response indicates investor confidence in Pakistan's electricity distribution sector and the commitment to a transparent and competitive process. "The Commission now looks forward to engaging constructively with the prequalified investors through the due-diligence process and to seek alignment on an equitable, transparent and predictable post-privatisation regime," he said.

The EOIs and Statements of Qualification received will now be reviewed according to approved prequalification criteria. Qualified applicants will be invited to the next phase, including gaining access to the Virtual Data Room for detailed due diligence.

The Commission also stated that 10 parties have already been prequalified for Faisalabad Electric Supply Company (FESCO), while 11 EOIs received for Gujranwala Electric Power Company (GEPCO) are under evaluation. The privatisation drive aims to enhance operational efficiency, modernise infrastructure, improve customer service, and reduce losses in the sector.