Privatisation Commission approves financial adviser for outsourcing Karachi, Lahore airports

According to Dawn, the Privatisation Commission has approved a financial adviser to support the outsourcing of two major airports, Allama Iqbal International in Lahore and Jinnah International in Karachi. Its board backed a consortium led by EY-Parthenon, which ranked first among interested parties, and set up a negotiation panel to finalise the advisory agreement with that group. Separately, the Asian Development Bank, headquartered in Manila, was named adviser for New Islamabad International Airport last month.

The commission also classified the privatisation of Lahore Electric Supply Company (Lesco) and Multan Electric Power Company (Mepco) as major transactions, which requires advisers to be appointed under the applicable rules. Once this decision is in effect, the body will start the process of selecting advisers for both deals. Lesco and Mepco form the fourth group of power distribution companies earmarked for privatisation by the government.

Progress differs across the earlier groups. Faisalabad Electric has drawn interest from a dozen investors, both domestic and foreign, and the commission is reviewing their formal expressions of interest. Submissions for two other first-batch companies are due in about two months.