ISLAMABAD: The privatisation of Islamabad Electric Supply Company (IESCO) has attracted strong interest from domestic and international investors, with 10 prospective parties submitting Expressions of Interest (EOIs) for the acquisition of a 51% to 100% stake along with management control.
The Expressions of Interest were submitted on the closing date announced by the Privatisation Commission. Three Turkish companies and several major Pakistani business groups are among the interested parties.
The interested investors include Aktor Elektrik Enerji Yatırımları San. ve Tic. A.Ş., Genvera Enerji A.Ş., Cengiz Enerji Sanayii ve Ticaret A.Ş., Engro Energy Limited, Sapphire Fibers Limited, Novatex Limited and Bestway Cement Limited.
Consortia led by Artistic Milliners (Private) Limited and Hub Power Holding Limited have also submitted bids. The Artistic Milliners consortium includes The Lake City Holdings, Fatima Capital Limited, Din Ventures and Fazal Cloth Mills, while the Hub Power Holding consortium comprises Lucky Cement, Kohat Cement and Metro Ventures.
A consortium led by Hasnaat Brothers Construction Co. has also expressed interest, along with Dhilal Holding Group, Pak Steel, Bio-Labs and Farid Steel Casting.
Privatisation Commission Adviser to the Prime Minister on Privatisation and Chairman Muhammad Ali said the response marked an important milestone in the privatisation of distribution companies and reflected investor interest in Pakistan’s electricity distribution sector.
The Commission will now evaluate the EOIs and Statements of Qualification against approved prequalification criteria. Investors that meet the requirements will be prequalified and invited to the next stage, which includes access to a Virtual Data Room for detailed due diligence.
IESCO is part of the first batch of electricity distribution companies being privatised, alongside Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO).
According to the Privatisation Commission, 10 parties have already been prequalified for FESCO, while 11 EOIs were received for GEPCO and are currently under evaluation.
The government aims to improve operational efficiency, modernise distribution infrastructure, strengthen customer services and reduce losses through the DISCO privatisation process.
