PC Board pre-qualifies 10 parties for FESCO privatisation

ISLAMABAD: The Privatisation Commission (PC) Board has approved the prequalification of Interested Parties (IPs) for the privatisation of FESCO. The meeting was chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission.
The Board was informed that 12 Expressions of Interest (EOIs) had been received for FESCO. Following evaluation of the submissions against the approved prequalification criteria, the Financial Adviser recommended 10 Interested Parties (IPs) for prequalification and progression to the next stage of the transaction.
The Board approved the following prequalified Interested Parties for FESCO’s privatisation:
i. Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S.
ii. Genvera Enerji A.S.
iii. Cengiz Enerji Sanayii Ve Ticaret A.S.
iv. Engro Energy Limited
v. Sapphire Fibres Limited
vi. Hub Power Holdings Consortium (Lucky Cement, Kohat Cement and Metro Ventures)
vii. Shirazi Investments (Pvt) Limited
viii. Maple Leaf Cement Factory Limited Consortium (Kohinoor Textile Mills)
ix. Pakgen Limited Consortium (Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy)
x. Artistic Milliners (Pvt) Limited
The prequalified parties will now proceed to the next stage of the transaction in accordance with the approved process, including access to the Virtual Data Room (VDR) for detailed buy-side due diligence.
The Board also approved the reconstitution of its Audit and Risk, Human Resources, Investment, and Legal Committees.
According to PC spokesperson, the Board reaffirmed its commitment to advancing the Government’s privatisation programme through transparent, competitive and professionally managed transactions, with a focus on accountability and value maximisation for the Government and the people of Pakistan