The government has cleared nine bidders for the next phase of the Gujranwala Electric Power Company (GEPCO) privatization, bringing the transaction closer to the bidding stage.
The Privatisation Commission Board approved the prequalification during its 259th meeting chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.
A total of 11 Expressions of Interest were submitted for the sale of between 51 percent and 100 percent of GEPCO, along with management control. After reviewing the applications against the approved criteria, the Financial Adviser recommended nine parties for the next phase.
The approved bidders 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 and AKD Securities Consortium.
The shortlisted group comprises three Turkish energy companies and six Pakistani companies or investment consortia.
The two parties that did not move forward were K-Electric and Al Sharif Contracting & Commercial Development Co. Ltd. K-Electric withdrew its Expression of Interest, while Al Sharif failed to submit the documents required under the Request for Statement of Qualification.
The nine successful parties will now get access to GEPCO’s Virtual Data Room, allowing them to conduct detailed due diligence before the transaction progresses further.
The Privatisation Commission Board also reviewed the planned outsourcing or concession of Islamabad International Airport, Jinnah International Airport in Karachi and Allama Iqbal International Airport in Lahore. It considered changes to the Negotiation Committee overseeing the process.
Separately, the board instructed Transaction Advisers to speed up the privatization processes of House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL).
The board said the privatization program is being pursued through competitive and professionally managed transactions aimed at attracting investment and improving efficiency and service delivery.
