The Privatization Commission Board, at its 258th meeting on Friday, approved the prequalification of Interested Parties for the sale of the Faisalabad Electric Supply Company (FESCO).
According to a statement, the Board was informed that 12 Expressions of Interest had been received for FESCO. After evaluation of the submissions against the approved prequalification criteria, 10 Interested Parties were approved for prequalification and progression to the next stage of the transaction.
The 10 parties approved for the next stage are: Aktor Elektrik Enerji Yatirimlari San. Ve Tic; Genvera Enerji; Cengiz Enerji Sanayii Ve Ticaret; Engro Energy Limited; Sapphire Fibres Limited; Hub Power Holdings Consortium (Lucky Cement, Kohat Cement and Metro Ventures); Shirazi Investments (Pvt.) Limited; Maple Leaf Cement Factory Limited Consortium (Kohinoor Textile Mills); Pakgen Limited Consortium (Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy); and Artistic Milliners (Pvt.) Limited.
The prequalified parties would now proceed to the next stage of the transaction in accordance with the approved process, including access to the 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. It reaffirmed its commitment to advancing the government’s privatization program through transparent, competitive and professionally managed transactions, with a focus on accountability and value maximization for the government and the people of Pakistan.