PC Board prequalifies 10 interested parties for FESCO privatization

ISLAMABAD, Aug 28 (APP): The Privatization Commission (PC) Board, on Friday approved the prequalification of Interested Parties (IPs) for the privatization of FESCO.

The meeting was chaired by Muhammad Ali, Adviser to the Prime Minister on Privatization and Chairman, Privatization Commission, said a press release.

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 including Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S., Cengiz Enerji Sanayii Ve Ticaret A.S., and Engro Energy Limited.

The other prequalified Interested Parties included Sapphire Fibres Limited, Hub Power Holdings Consortium (Lucky Cement, Kohat Cement and Metro Ventures), Shirazi Investments (Pvt) Limited, Maple Leaf Cement Factory Limited Consortium (Kohinoor Textile Mills), Pakgen Limited Consortium (Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy) and

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.

The Board reaffirmed its commitment to advancing the Government’s privatization programme through transparent, competitive and professionally managed transactions, with a focus on accountability and value maximization for the Government and the people of Pakistan.