The Privatisation Commission has prequalified 10 investors for IESCO, approved changes to ZTBL’s restructuring plan and selected a Deutsche Bank-led consortium for State Life’s financial advisory role.
Pakistan’s Privatisation Commission Board has approved several important measures to advance the government’s privatisation programme, covering electricity distribution companies, Zarai Taraqiati Bank Limited (ZTBL) and State Life Insurance Corporation of Pakistan (SLIC).
The decisions were taken at a meeting chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission. The board emphasised transparent bidding, competitive transactions and professional management to attract domestic and international investment while improving efficiency and service delivery.
10 Investors Prequalified for IESCO Privatisation
A major decision was the prequalification of 10 interested parties for the privatisation of Islamabad Electric Supply Company Limited (IESCO). The shortlisted participants include three Turkish energy companies, alongside established Pakistani businesses and investment groups.
The prequalified parties include Aktor Elektrik Enerji Yatirimlari, Genvera Enerji and Cengiz Enerji from Türkiye. Pakistani participants include Engro Energy, Sapphire Fibers, Novatex, Bestway Cement and Hasnaat Brothers Construction, along with several business consortia.
Other shortlisted groups include the Artistic Milliners consortium and the Hub Power Holding-led consortium, which comprises Lucky Cement, Kohat Cement and Metro Ventures.
The selected investors will move to the next stage under the approved transaction process. This will include access to a Virtual Data Room, allowing them to examine relevant financial, operational and other information before proceeding with detailed due diligence.
IESCO is part of the first batch of power distribution companies identified for privatisation, alongside Faisalabad Electric Supply Company Limited (FESCO) and Gujranwala Electric Power Company Limited (GEPCO).
FESCO and ZTBL Privatisation Plans Updated
The board also approved the inclusion of additional members in the Artistic Milliners consortium, which has already been prequalified for FESCO’s privatisation. The change will enable the group to participate in Batch-I DISCO transactions, subject to the applicable requirements.
Separately, the board endorsed revisions to ZTBL’s transaction structure and restructuring plan. These adjustments aim to preserve the bank’s core responsibility of financing agriculture and supporting farmers after privatisation, in line with the prime minister’s directions.
Deutsche Bank Consortium Selected for State Life
For State Life Insurance Corporation, the board selected a consortium led by Deutsche Bank as the highest-ranked interested party for the appointment of a financial adviser.
A Negotiation Committee has also been formed to finalise the Financial Advisory Services Agreement. The appointment will support the next steps in preparing the state-owned insurer’s privatisation process.
The latest decisions represent further progress in Pakistan’s efforts to restructure state-owned enterprises, attract investment and improve the performance of public-sector institutions.