The Privatisation Commission of Pakistan Board on Tuesday approved key recommendations paving the way for the privatisation of three power distribution companies in the first tranche, including Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO), according to an official statement.
The approvals include the proposed transaction structure, pre-qualification criteria, and restructuring plans for each company. These recommendations will now be submitted to the Cabinet Committee on Privatisation (CCoP) for final consideration. Following approval, Expressions of Interest (EOIs) will be invited from prospective investors.
Officials said the framework is aimed at attracting credible private sector participation and unlocking value in the power distribution segment, while supporting broader sector reforms. The board also reviewed post-privatisation proposals focused on improving commercial sustainability, regulatory predictability, and service quality in the distribution network.
In a parallel decision, the board approved the consortium led by Citibank as the top-ranked bidder for appointment as financial adviser for the privatisation of the Roosevelt Hotel New York.
A negotiation committee has been constituted to finalise the Financial Advisory Services Agreement (FASA) with the selected consortium, the statement added.
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