Govt accelerates privatisation of Islamabad, Gujranwala and Faisalabad power companies

Prime Minister Muhammad Shehbaz Sharif has directed authorities to accelerate the privatisation of electricity distribution companies, with Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO) and Faisalabad Electric Supply Company (FESCO) included in the first phase.

Chairing a review meeting on the process, the prime minister said the privatisation of loss-making state-owned institutions remained a government priority. He directed officials to ensure that all transactions were completed transparently and within the prescribed framework.

The prime minister also called for establishing a regulatory framework to oversee the distribution companies after their transfer to private ownership.

Officials briefed the meeting on progress made towards the privatisation of the three electricity distribution companies.

Expressions of interest have been published in national and international newspapers, while the Cabinet Committee on Privatisation has approved the transaction structure for the proposed deals.

The meeting was informed that roadshows would be held during the current month to attract prospective investors.

International roadshows are also being arranged for investors from Saudi Arabia, Turkey and China.

The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Minister for Law and Justice Azam Nazeer Tarar, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Finance and Revenue Muhammad Aurangzeb and Federal Minister for Power Division Sardar Awais Leghari.

Advisor to the Prime Minister on Privatization Muhammad Ali, Minister of State for Finance and Railways Bilal Azhar Kayani and other senior government officials also attended.