Privatisation Commission prequalifies 10 parties for IESCO sale

The Privatisation Commission has cleared 10 bidders to advance in the sale process for Islamabad Electric Supply Company (IESCO), Business Recorder reported on October 22. The group includes three Turkish energy firms, Engro Energy, Sapphire Fibers, Novatex and Bestway Cement, alongside several local consortia.

One consortium, led by Hub Power Holding, includes Lucky Cement and Kohat Cement, while an Artistic Milliners-led group includes Fazal Cloth Mills. The successful parties can now review confidential material through a virtual data room and carry out due diligence. IESCO is among three electricity distributors in the first privatisation batch, together with FESCO and GEPCO.

The commission also approved changes to the FESCO consortium, revised ZTBL’s privatisation structure to preserve its agricultural lending focus, and ranked a Deutsche Bank-led group first for State Life’s financial adviser role. It said the measures are intended to advance competitive privatisation and draw investment.