Three Turkish, seven Pakistani firms seek Iesco stake
The Privatisation Commission said it received expressions of interest for 51 to 100 percent of the Islamabad power distributor.
ISLAMABAD: The Privatisation Commission said on Monday that it had received expressions of interest from ten investor groups for the privatisation of Islamabad Electric Supply Company (Iesco), and it described the response from domestic and international investors as overwhelming.
In a statement, the commission said prospective investors were seeking to acquire between 51 percent and 100 percent shareholding in the state-owned power distribution company. The commission did not identify the interested parties in its own announcement, but ProPakistani reported their names.
According to ProPakistani, three Turkish companies (Aktor Elektrik Enerji Yatırımları, Genvera Enerji and Cengiz Enerji) have expressed interest in Iesco. Seven Pakistani groups and companies have also submitted expressions of interest. These are Engro Energy Limited, Artistic Milliners Consortium, Hub Power Holding Consortium, Sapphire Fibres Limited, Novatex Limited, Bestway Cement Limited and Hasnaat Brothers Construction Consortium.
ProPakistani reported that the Artistic Milliners Consortium is made up of Lake City Holdings, Fatima Capital, Din Ventures and Fazal Cloth Mills. The Hub Power Holding Consortium includes Lucky Cement, Kohat Cement and Metro Ventures. The Hasnaat Brothers Construction Consortium includes Dhilal Holding Group, Pak Steel, Bio-Labs and Farid Steel Casting. The names reported by ProPakistani have not been independently confirmed by the Privatisation Commission.
Iesco is one of three electricity distribution companies in the first batch of the government's privatisation programme, known as Discos Batch-I, Dawn reported. The other two companies in the batch are Faisalabad Electric Supply Company (Fesco) and Gujranwala Electric Power Company (Gepco). The government has grouped power distribution companies into batches, with Iesco, Fesco and Gepco in the first batch.
Pakistan Today reported that the entry of the ten investors moves the privatisation process into its next phase. The expressions of interest mark an early stage in the process, which is expected to be followed by prequalification and formal bidding. The Privatisation Commission has not yet announced a timeline for shortlisting, bidding or a final sale agreement, and neither the commission nor the reports disclosed the financial value of the expressions of interest.
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