EY-Parthenon-led consortium selected as top-ranked financial adviser as government advances airport outsourcing and power-sector privatisation.
ISLAMABAD: The Privatisation Commission (PC) Board has approved key steps for the outsourcing of Allama Iqbal International Airport, Lahore (AIIAP) and Jinnah International Airport, Karachi (JIAP), while also advancing the privatisation process of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).
The decisions were taken during the 257th meeting of the Privatisation Commission Board, chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.
EY-Parthenon-led consortium selected
For the outsourcing of the Lahore and Karachi airports, the Board approved a consortium led by EY-Parthenon as the top-ranked interested party for appointment as Financial Adviser following a competitive selection process.
The Board also constituted a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.
The appointment of a Financial Adviser is expected to assist the government in structuring and advancing the airport outsourcing transactions through a professionally managed process.
The adviser will support the government in evaluating the transactions, developing an appropriate structure and taking the outsourcing process forward in accordance with applicable requirements.
LESCO, MEPCO privatisation declared major transactions
Meanwhile, the Privatisation Commission Board declared the proposed privatisation of LESCO and MEPCO as major transactions.
The decision requires the appointment of Financial Advisers in accordance with the applicable Privatisation Commission regulations.
Following the Board’s approval, the Privatisation Commission will initiate the process of appointing Financial Advisers for the two power distribution companies.
LESCO and MEPCO constitute the fourth batch of distribution companies (DISCOs) identified by the government for privatisation. The privatisation process for the three earlier batches is already under way.
Government pushes privatisation programme
The Privatisation Commission Board reaffirmed its commitment to implementing the government’s privatisation programme and building on recent progress across key transactions.
The Board said the transactions would be conducted through transparent, competitive and professionally managed processes, with emphasis on accountability and maximising value for the government and the people of Pakistan.
The latest decisions mark further progress in the government’s efforts to attract private-sector participation in airport operations and reform the power distribution sector through the privatisation programme.