Privatisation Commission Board clears FESCO restructuring, selects adviser for House Building Finance Company

The Privatisation Commission Board has approved the restructuring plan for Faisalabad Electric Supply Company (Fesco) and selected a KPMG-led consortium as the highest-ranked bidder for appointment as financial adviser for House Building Finance Company Limited.

The board meeting was chaired by Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission Muhammad Ali on Friday.

Faisalabad Electric Supply Company is part of the first batch of power distribution companies identified for privatisation, along with Gujranwala Electric Power Company and Islamabad Electric Supply Company.

The restructuring plan, prepared by the financial adviser, will now be submitted to the Cabinet Committee on Privatisation for consideration and approval.

The Privatisation Commission has already invited expressions of interest from domestic and international investors for the privatisation of the first batch of power distribution companies.

The board also approved the consortium led by KPMG, in association with Bridge Factor and other partners, as the highest-ranked bidder for appointment as financial adviser for House Building Finance Company Limited.

A Negotiation Committee was constituted to finalise the Financial Advisory Services Agreement with the successful consortium.

The board also reviewed the proposed Transaction Advisory Services Agreement with the Asian Development Bank for outsourcing operations at Islamabad International Airport.

After discussion, the board noted progress on the transaction and sought further clarity on certain provisions of the proposed agreement before it is taken up at a subsequent meeting.

The proposed transaction envisages the appointment of a qualified private sector operator for Islamabad International Airport under a long-term concession framework through a competitive process.

The initiative is aimed at improving operational efficiency, passenger services and airport management standards.

The board also approved the budget estimates of the Privatisation Commission for financial year 2026-27 to support its transaction pipeline.

The Privatisation Commission said the government remained committed to a transparent and competitive privatisation programme aimed at attracting investment, improving public service delivery and supporting economic reforms.