DISCOs, ZTBL and State Life privatization: PC advances key transactions, approves major decisions

The Privatisation Commission Board has cleared 10 bidders to move forward in the sale process for Islamabad Electric Supply Company, while also approving other transaction steps for FESCO, Zarai Taraqiati Bank Limited and State Life Insurance Corporation, Business Recorder reported. The IESCO bidders include a consortium with Lucky Cement and Kohat Cement, another involving Fazal Cloth Mills, and Bestway Cement as a separate participant.

The selected parties can now access IESCO’s virtual data room for due diligence. For FESCO, the Board approved adding members to the Artistic Milliners consortium. It also revised ZTBL’s proposed transaction structure to preserve the bank’s agricultural and farmer-financing role, and named a Deutsche Bank-led consortium as the top-ranked candidate to advise on State Life’s privatisation, subject to finalising its agreement.