The Privatization Commission Board on Friday approved a restructuring plan for Faisalabad Electric Supply Company (FESCO), moving one of Pakistan’s largest power distribution companies closer to privatization.
The board, chaired by Adviser to the Prime Minister on Privatization Muhammad Ali, approved the plan prepared by the transaction’s financial adviser. The proposal will now be sent to the Cabinet Committee on Privatization for final consideration. FESCO is part of the first batch of distribution companies slated for privatization, alongside Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO).
The Privatization Commission has already invited expressions of interest from local and foreign investors for the sale of the first batch of DISCOs as part of efforts to improve efficiency, reduce losses, and increase private sector participation in the power sector.
Separately, the board approved a KPMG led consortium as the preferred financial adviser for the privatization of House Building Finance Company Limited (HBFCL) and formed a committee to finalize the advisory services agreement.
The board also reviewed a proposed advisory agreement with the Asian Development Bank for outsourcing operations at Islamabad International Airport under a long-term concession arrangement.
However, members sought additional clarification on certain provisions before taking a final decision. The privatization body said the initiative is aimed at improving operational efficiency, passenger services, and aligning airport operations with international standards.
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.