The government has cleared 10 parties to move forward in the privatization of Faisalabad Electric Supply Company (FESCO).
The Privatisation Commission (PC) Board approved the prequalification at its 258th meeting, chaired by Adviser to the Prime Minister on Privatization Muhammad Ali.
A total of 12 parties had submitted Expressions of Interest (EOIs) for FESCO. After reviewing their applications against the approved criteria, the Financial Adviser recommended 10 for the next phase.
The approved 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 Fibres Limited
- Hub Power Holdings Consortium, comprising Lucky Cement, Kohat Cement and Metro Ventures
- Shirazi Investments (Pvt) Limited
- Maple Leaf Cement Factory Limited Consortium with Kohinoor Textile Mills
- Pakgen Limited Consortium, comprising Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy
- Artistic Milliners (Pvt) Limited
The shortlisted parties will now enter the due diligence stage. They will be given access to FESCO’s Virtual Data Room to review detailed information about the company.
The PC Board also approved changes to its Audit and Risk, Human Resources, Investment, and Legal Committees.
The commission said it would continue the privatization process through a transparent and competitive framework aimed at securing the best possible value for the government.
