Privatisation Commission prequalifies 9 parties for GEPCO sale

Business Recorder reported that the Privatisation Commission Board cleared nine bidders to move forward in the sale of Gujranwala Electric Power Company (GEPCO) at a meeting on Monday. The approval came at the board's 259th session, chaired by Muhammad Ali, and moves the transaction into its next phase. Eleven expressions of interest had been received for a 51% to 100% stake along with management control.

Among the nine are three Turkish energy companies, namely Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S. and Cengiz Enerji Sanayii Ve Ticaret A.S. Engro Energy Limited, Sapphire Fibers Limited and an AKD Securities consortium also made the list, and they will now gain access to the Virtual Data Room for detailed due diligence. Of the two bidders left out, K-Electric withdrew its expression of interest in writing, while Al Sharif Contracting & Commercial Development Co. Ltd. did not submit the required documents.

The board also discussed a fresh negotiation committee for outsourcing or concession of the Lahore, Karachi and Islamabad international airports. Transaction advisers were told to fast-track the privatisation of House Building Finance Company Limited and Zarai Taraqiati Bank Limited. The commission said the programme aims to bring in credible investment and raise efficiency.