PC Board advances airport outsourcing, LESCO, MEPCO privatisation

Business Recorder reported that the Privatisation Commission Board met on Tuesday and cleared two steps tied to airport outsourcing. The 257th meeting, chaired by Muhammad Ali, produced decisions on Allama Iqbal International Airport in Lahore and Jinnah International Airport in Karachi, as well as on power distributors. The board also pushed forward the sale of LESCO and MEPCO, according to a commission statement.

For the airports, the board endorsed the EY-Parthenon-led consortium as the highest-placed candidate to act as Financial Adviser after a competitive selection. A Negotiation Committee was also formed to finalise the Financial Advisory Services Agreement with that group. Separately, the board classed the LESCO and MEPCO privatisation as major transactions, which require Financial Advisers under the relevant commission rules.

The commission will now begin choosing advisers for both companies, which form the fourth group of DISCOs earmarked for privatisation. Work on the three earlier groups is already in progress. The board said it stays committed to open, competitive and professionally run deals that put accountability first and aim to get the most value for the state and citizens.