Nine firms prequalify for GEPCO

The Privatisation Commission (PC) board on Monday considered and approved key measures to advance the ongoing privatisation transactions across the power, aviation and financial sectors. The board met under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, said a press release. As a major agenda item, the board approved the prequalification of nine interested parties (IPs) for the privatisation of Gujranwala Electric Power Company (Gepco). The board was informed that 11 Expressions of Interest (EOIs) had been received for Gepco for the acquisition of 51% to 100% shareholding, together with management control. Following evaluation of the submissions against the approved prequalification criteria, the financial adviser recommended nine interested parties for prequalification and progression to the next stage of the transaction. The prequalified parties included Aktor Elektrik Enerji Yatirimlari San Ve Tic AS, Genvera Enerji AS, Cengiz Enerji Sanayii Ve Ticaret AS, Engro Energy Limited, Sapphire Fibres, Hub Power Holdings consortium, Shirazi Investments Ltd consortium, Artistic Milliners Ltd consortium and AKD Securities' consortium. The prequalified parties include three Turkish energy companies, alongside leading Pakistani business groups and investment consortia, reflecting continued domestic and international investor interest in Pakistan's electricity distribution sector. Of the remaining parties, K-Electric formally withdrew its Expression of Interest through a written intimation to the Privatisation Commission, while Al Sharif Contracting & Commercial Development Co was unable to provide the documents required under the Request for Statement of Qualification (RSoQ). The nine prequalified parties will now proceed to the next stage of the transaction in accordance with the approved process, including access to the Virtual Data Room for detailed buy-side due diligence. In the aviation sector, the board considered the reconstitution of the negotiating committee for the outsourcing/concession of the Allama Iqbal International Airport, Lahore; Jinnah International Airport, Karachi; and Islamabad International Airport, as part of the commission's ongoing efforts to advance the airport outsourcing programme through a structured transaction process. The board also reviewed progress on key financial-sector transactions and advised transaction advisers to fast-track the privatisation processes for House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL), with a view to ensuring timely progress on both transactions. The board reaffirmed its commitment to advancing the government's privatisation programme through transparent, competitive and professionally managed transactions, with a focus on attracting credible domestic and international investment, improving efficiency and service delivery, and maximising value for the government and people of Pakistan.