Key Takeaways
- Prime Minister Shehbaz Sharif directed relevant authorities to adopt a comprehensive strategy for the privatisation of state-owned power distribution companies.
- The PM instructed that all stages of the privatisation process should be completed within stipulated timeframes and in accordance with international best practices.
- Investor roadshows in Pakistan, Turkey, Saudi Arabia, and China have generated interest in the privatisation programme.
Prime Minister Shehbaz Sharif has directed relevant authorities to adopt a comprehensive strategy for the privatisation of state-owned power distribution companies (Discos), aiming to attract international investors.
At a review meeting held on Wednesday, PM Sharif emphasized that all stages of the privatisation process should be completed within stipulated timeframes and in accordance with established rules and international best practices while ensuring profitable outcomes.
Consumers' interests were also prioritised during the discussions, with instructions to form a comprehensive grievance redress mechanism for affected consumers.
The meeting was attended by key ministers including Energy Minister Sardar Awais Ahmed Khan Leghari, Economic Affairs Minister Ahad Khan Cheema, and Information Technology Minister Shaza Fatima Khawaja.
On May 19, the Privatisation Commission invited expressions of interest from local and international investors for the sale of three major electricity distribution companies: Gujranwala Electric Power Company (Gepco), Faisalabad Electric Supply Company (Fesco), and Islamabad Electric Supply Company (Iesco).
These companies serve over 14 million consumers across Punjab, the Islamabad region, and parts of Azad Jammu and Kashmir. Investors have the opportunity to acquire between 51 per cent and 100 per cent shareholding in each company.
The deadline for submitting expressions of interest falls within the first quarter of the next fiscal year, with successful roadshows in Pakistan and abroad generating encouraging results.
PM Sharif also directed that the Privatisation Commission should strengthen its workforce by recruiting experts with qualifications meeting international standards in finance, law, and information technology.
