IESCO privatisation draws 10 investor groups

According to Business Recorder, the Privatisation Commission received 10 expressions of interest on Monday from domestic and foreign investors seeking 51% to 100% of Islamabad Electric Supply Company (IESCO), together with management control. The submissions arrived on the closing date for the sale of the distribution company, one of three DISCOs in the first batch. The Ministry of Privatization described the response in a statement.

Interested parties include three Turkish firms, Engro Energy, Sapphire Fibers, Novatex and Bestway Cement, as well as four consortiums. One of those consortiums is Hub Power Holding Limited Consortium, while another brings together The Lake City Holdings, Fatima Capital, Din Ventures and Fazal Cloth Mills. Muhammad Ali, Privatisation Adviser to the Prime Minister and Commission Chairman, said the turnout reflected investor confidence in the power distribution sector.

The EOIs and statements of qualification will now be checked against approved prequalification criteria, with qualifying applicants invited to access the Virtual Data Room for due diligence. Separately, the commission said 10 parties have been prequalified for FESCO, while 11 EOIs for GEPCO are still under evaluation. The government's stated goals are better operational efficiency, modernised networks, stronger customer service and lower losses.