ISLAMABAD: Pakistan's Privatisation Commission Board on Monday approved nine bidders to move forward in the sale of Gujranwala Electric Power Company (GEPCO) and took steps to advance privatisation deals in the aviation and banking sectors.
The board, meeting for the 259th time under the chairmanship of Muhammad Ali, adviser to the prime minister on privatisation and chairman of the commission, approved the prequalification of nine interested parties for the GEPCO transaction.
The commission received 11 expressions of interest for the acquisition of a 51% to 100% stake in the power distribution company, along with management control. After evaluating the submissions against approved criteria, the financial adviser recommended nine parties to proceed to the next stage.
The prequalified parties are:
— Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S.
— Genvera Enerji A.S.
— Cengiz Enerji Sanayii Ve Ticaret A.S.
— Engro Energy Limited
— Sapphire Fibers Limited
— Hub Power Holdings Consortium
— Shirazi Investments (Pvt.) Limited Consortium
— Artistic Milliners (Pvt.) Limited Consortium
— AKD Securities Consortium
The group includes three Turkish energy companies, along with Pakistani business groups and investment consortia, which the commission said reflects continued domestic and international interest in Pakistan's electricity distribution sector.
Of the two parties not advancing, K-Electric formally withdrew its expression of interest in writing, while Al Sharif Contracting & Commercial Development Co. Ltd. did not provide the documents required under the Request for Statement of Qualification.
The nine prequalified parties will now gain access to a virtual data room to conduct detailed due diligence.
On aviation, the board considered reconstituting the negotiation committee for the outsourcing or concession of three airports: Allama Iqbal International Airport in Lahore, Jinnah International Airport in Karachi and Islamabad International Airport.
The board also reviewed progress on financial-sector transactions and directed transaction advisers to fast-track the privatisation of House Building Finance Company Limited and Zarai Taraqiati Bank Limited.
The board reaffirmed its commitment to carrying out the government's privatisation programme through transparent, competitive and professionally managed transactions, with the aim of attracting credible investment, improving efficiency and service delivery, and maximizing value for the government and the people of Pakistan.
