Nine firms prequalify for GEPCO

The Express Tribune reported that the Privatisation Commission board has cleared nine parties to move on in the sale of Gujranwala Electric Power Company, known as Gepco. Eleven expressions of interest were received for a stake of 51 to 100 per cent together with management control. After assessing the submissions against the approved criteria, the financial adviser recommended the nine for the next stage of the transaction.

Those prequalified include three Turkish energy companies, Engro Energy Limited, a Hub Power Holdings consortium, Sapphire Fibres and an AKD Securities consortium. K-Electric pulled out of the process by written notice, and Al Sharif Contracting & Commercial Development Co did not supply the documents required under the Request for Statement of Qualification. The selected parties will get access to the virtual data room for detailed due diligence.

The board also considered reconstituting the negotiating panel for outsourcing or concession deals at Allama Iqbal International Airport in Lahore, Jinnah International Airport in Karachi and Islamabad International Airport. It further asked advisers to fast-track the privatisation of House Building Finance Company Limited and Zarai Taraqiati Bank Limited.