PC receives 10 EOIs for the IESCO acquisition

Business Recorder reported that the Privatisation Commission received ten Expressions of Interest on Monday for IESCO, the Islamabad power distributor. The applicants want to take a stake of between 51 percent and 100 percent, together with management control. Interest came from both domestic and overseas parties, including three Turkish firms.

Engro Energy, Sapphire Fibers, Novatex and Bestway Cement are among the individual applicants. Several consortia also filed, including one led by Hub Power Holding with Lucky Cement and Kohat Cement, and another that includes Fazal Cloth Mills.

The Commission will now check the submissions against its prequalification criteria, and qualifying bidders will get access to a Virtual Data Room for detailed due diligence. IESCO sits in the first batch of three DISCOs, alongside FESCO and GEPCO, where ten parties have been prequalified for FESCO and eleven EOIs are under evaluation for GEPCO.