The Privatization Commission Board has approved 10 companies and business groups to take part in the privatization of Islamabad Electric Supply Company (IESCO), bringing the power distributor one step closer to the next phase of the sale process.

The decision was made during the board’s 260th meeting on Thursday, chaired by Privatization Adviser Muhammad Ali.

The shortlisted parties include three Turkish energy firms, Engro Energy, Sapphire Fibers, Novatex, Bestway Cement and several business groups participating through consortia.

The successful applicants will gain access to IESCO’s Virtual Data Room to review detailed information and conduct due diligence before moving to the next stage of the transaction.

IESCO is among three power distribution companies included in the first phase of the government’s privatization plan. The other two are Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).

The board also approved changes to the consortium of Artistic Milliners, allowing additional members to participate in the FESCO privatization process, subject to the transaction requirements.

In a separate decision, the board approved revisions to the privatization structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL). The changes are intended to preserve the bank’s focus on agricultural lending and financing for farmers after privatization.

The board also selected a consortium led by Deutsche Bank as the highest-ranked candidate for the role of financial adviser to State Life Insurance Corporation of Pakistan.

A negotiation committee will work with the consortium to finalise the financial advisory services agreement.

The decisions cover key transactions involving power distribution, agricultural banking and insurance as the government continues to advance its privatization program.