ISLAMABAD: Pakistan’s Privatisation Commission has chosen nine companies and groups to continue in the race to buy Gujranwala Electric Power Company (GEPCO), a state-owned electricity distributor.
The commission’s board approved the list at its 259th meeting on Monday. Muhammad Ali, the prime minister’s adviser on privatisation, led the meeting.
The commission had received 11 offers of interest from buyers who want to take over 51% to 100% of the company and run it. After checking each one against set requirements, the commission’s financial adviser recommended nine to move forward.
The nine approved bidders are:
— Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S.
— Genvera Enerji A.S.
— Cengiz Enerji Sanayii Ve Ticaret A.S.
— Engro Energy Limited
— Sapphire Fibers Limited
— Hub Power Holdings Consortium
— Shirazi Investments (Pvt.) Limited Consortium
— Artistic Milliners (Pvt.) Limited Consortium
— AKD Securities Consortium
Three of them are Turkish energy companies. The rest are Pakistani business groups and investment teams. The commission said this shows both local and foreign investors are still interested in Pakistan’s electricity distribution business.
Two other bidders did not make the list. K-Electric pulled out and told the commission in writing. Al Sharif Contracting & Commercial Development Co. Ltd. did not submit all the required documents.
The nine approved bidders will now get access to an online database of company information, so they can study the business closely before making offers.
The board also discussed plans to hand over the running of three major airports to private operators: Lahore’s Allama Iqbal International Airport, Karachi’s Jinnah International Airport and Islamabad International Airport. It decided to form a new committee to negotiate those deals.
In banking, the board told its advisers to speed up the sale of two state-owned lenders, House Building Finance Company Limited and Zarai Taraqiati Bank Limited.
The board said it wants to carry out privatisation in a fair, open and professional way, bring in trustworthy investors, improve services and get the best value for the government and the people of Pakistan.
