Prime Minister Muhammad Shehbaz Sharif on Wednesday directed the relevant authorities to adopt an effective and comprehensive strategy aimed at ensuring the participation of world-class investors in the privatization of power distribution companies (DISCOs).
PM for ensuring world-class investors’ participation in DISCOs’ privatization
ISLAMABAD, Aug 5 (APP): Prime Minister Muhammad Shehbaz Sharif on Wednesday directed the relevant authorities to adopt an effective and comprehensive strategy aimed at ensuring the participation of world-class investors in the privatization of power distribution companies (DISCOs).
Chairing a review meeting on the privatization of DISCOs and institutional restructuring of the Privatization Commission, the prime minister instructed to complete the ongoing institutional reforms and restructuring of the Privatization Commission within one month.
He expressed satisfaction over the successful roadshows held both domestically and internationally to attract investor participation in the privatization process.
He also directed to complete all stages of the privatization of DISCOs within the stipulated timeframe, in accordance with established rules and international best practices, while ensuring maximum value.
The prime minister instructed that the Privatization Commission’s workforce be strengthened by recruiting internationally qualified experts in finance, law, and information technology.
He highlighted that a world-class workforce and expert professionals would enhance the Commission’s institutional capacity and facilitate greater investment in state-owned enterprises.
The prime minister directed that recommendations from consultants with the highest level of professional expertise be incorporated throughout the privatization process.
He instructed to complete all necessary legal arrangements and the required financial regulatory framework in a timely manner to facilitate the privatization process.
He emphasized that consumer interests must remain the foremost priority during the privatization process.
The prime minister further directed that a comprehensive and effective mechanism for addressing consumer complaints be ensured in the privatized entities.
During the meeting, the Privatization Commission briefed participants on the measures taken so far to complete the first phase of the privatization of the distribution companies.
The meeting was also briefed on progress regarding the recruitment of highly qualified professionals as part of the Commission’s institutional restructuring.
According to the briefing, roadshows aimed at attracting investors for the first phase of the privatization of power distribution companies, GEPCO, FESCO, and IESCO, have been completed both within Pakistan and abroad.
The briefing further stated that roadshows and investor outreach activities conducted in Turkiye, Saudi Arabia, and China have yielded encouraging results in support of the privatization initiative.
The meeting was attended by Federal Minister for Energy Sardar Awais Ahmad Khan Leghari, Federal Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Information Technology Shaza Fatima Khawaja, Prime Minister’s Adviser on Privatization Muhammad Ali, and senior officials from the relevant government institutions.
