Ten domestic and international investors have expressed interest in acquiring 51% to 100% of Islamabad Electric Supply Company (IESCO), including management control.
The Privatisation Commission received their Expressions of Interest (EOIs) by the September 21 deadline. Three Turkish companies and seven Pakistani companies or consortiums submitted applications.
The commission had announced the deadline extension on August 29 to facilitate the transaction.
Turkish firms and Pakistani groups participate
The Turkish applicants comprise Aktor Elektrik Enerji Yatırımları San. ve Tic. A.Ş., Genvera Enerji A.Ş. and Cengiz Enerji Sanayii ve Ticaret A.Ş.
Individual Pakistani applicants include Engro Energy Limited, Sapphire Fibers Limited, Novatex Limited and Bestway Cement Limited.
Artistic Milliners (Private) Limited submitted interest through a consortium. Its partners include The Lake City Holdings, Fatima Capital Limited, Din Ventures (Pvt) Limited and Fazal Cloth Mills Limited.
Read More: Arif Habib’s identity misused to seek funds, company tells NCCIA
The Hub Power Holding Limited consortium includes Lucky Cement Limited, Kohat Cement Limited and Metro Ventures (Private) Limited.
Hasnaat Brothers Construction Co. (Pvt) Limited also leads a consortium. Its members include Dhilal Holding Group, Pak Steel, Bio-Labs (Pvt) Limited and Farid Steel Casting (Pvt) Limited.
The commission welcomed engagement during domestic and international roadshows, describing the response as confidence in Pakistan’s power-sector reforms.
Commission outlines reform objectives
Muhammad Ali, adviser to the prime minister on privatisation and commission chairman, welcomed the submissions.
“This is an important milestone in the privatisation of DISCOs. The strong response received for IESCO reflects that investors have confidence in the potential of Pakistan’s electricity distribution sector and in the Government’s commitment to a transparent, competitive and professionally managed process,” he said.
“The Commission now looks forward to engaging constructively with the prequalified investors through the due-diligence process and to seek alignment on an equitable, transparent and predictable post-privatisation regime. The privatisation is intended to improve operational efficiency, modernise distribution infrastructure, strengthen customer service, reduce losses to support a more financially sustainable power sector, which Over time, will lead to more affordable and reliable power for consumers,” he added.
These statements describe the government’s intended outcomes. The EOI stage does not constitute a completed sale or establish a purchase price.
Applications move to prequalification
The commission will evaluate the EOIs and accompanying Statements of Qualification against approved prequalification criteria.
Applicants meeting the requirements will advance to the next transaction stage. They will receive access to a Virtual Data Room for detailed buyer due diligence.
IESCO forms part of DISCOs Batch-I alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
Read More: Inside LDC’s First Company-Owned Industrial Site in Pakistan
The commission has prequalified ten interested parties for FESCO. GEPCO attracted eleven EOIs, which remain under evaluation for prequalification.
The statement, issued through spokesperson Imran Ghaznavi, reiterated the commission’s commitment to an open, transparent and competitive process. It placed the transactions within the federal government’s broader power-sector reform programme and public-interest objectives.
