PC Board recommends CCoP to approve Discos’ restructuring plan and Scheme of Things

ISLAMABAD : The Privatisation Commission (PC) Board, in its meeting held on Tuesday under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, recommended that the Cabinet Committee on Privatisation (CCoP) approve the restructuring plans and schemes of arrangement for the privatisation of the first batch of power distribution companies (DISCOs), namely Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO).
The restructuring plans and schemes of arrangement have been prepared on the basis of the audited financial statements of the three DISCOs for the period ended March 31, 2026. The proposed framework is designed to maximise value for the Government of Pakistan while ensuring that the transactions remain commercially viable and attractive to prospective private-sector investors.
Under the proposed structure, a Government-owned Special Purpose Vehicle (SPV) will be established to carve out selected assets and liabilities of the three DISCOs, facilitating an efficient and commercially viable transaction structure.
The Board was also apprised of strong interest from both domestic and international investors in the privatisation of the first batch of DISCOs. The deadlines for submission of Expressions of Interest (EOIs) are August 7, 2026, for FESCO; August 21, 2026, for GEPCO; and September 7, 2026, for IESCO.
In a separate agenda item, the Board constituted two Transaction Committees to oversee the outsourcing process for Islamabad, Lahore, and Karachi airports. The Asian Development Bank (ADB) has been appointed as Financial Adviser for the outsourcing of Islamabad International Airport, while the process for appointing Financial Advisers for the outsourcing of Lahore and Karachi airports is underway.
The Board also approved the appointment of RSM Avais Hyder Liaquat Nauman, Chartered Accountants, as auditors for privatisation transactions completed during the financial years 2024–25 to 2026–27. The firm will undertake separate audits of each completed privatisation transaction, while the annual audit of the Privatisation Commission’s financial statements for the financial years 2025–26 to 2027–28 will be carried out by BDO Ebrahim & Co., Chartered Accountants, which was appointed earlier through a competitive bidding process.
The Board reaffirmed its commitment to implementing the Government’s privatisation programme in a transparent, competitive, and professionally managed manner aimed at promoting efficiency, attracting private investment, and maximising value for the Government and the people of Pakistan.