ISLAMABAD: Nine interested parties, including three Turkish energy companies, have qualified for the privatisation of Gujranwala Electric Power Company (GEPCO), paving the way for the next stage involving 51% to 100% shareholding along with management control.
The Privatisation Commission (PC) Board approved the prequalification of the nine interested parties at its 259th meeting, chaired by Adviser to the Prime Minister on Privatisation and PC Chairman Muhammad Ali.
The Board was informed that 11 Expressions of Interest (EOIs) had been received for GEPCO, with prospective investors seeking acquisition of 51% to 100% shareholding along with management control.
Following evaluation against the approved prequalification criteria, the Financial Adviser recommended nine interested parties for prequalification and progression to the next stage of the transaction.
The nine prequalified parties 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 and AKD Securities Consortium.
The prequalified parties include three Turkish energy companies, alongside major Pakistani business groups and investment consortia, reflecting continued domestic and international investor interest in Pakistan’s electricity distribution sector.
Of the two parties that did not proceed, K-Electric formally withdrew its Expression of Interest through written intimation to the Privatisation Commission.
The other party, Al Sharif Contracting & Commercial Development Co. Ltd., could not 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 privatisation process, including access to the Virtual Data Room (VDR) for detailed buy-side due diligence on GEPCO.
The proposed transaction involves the acquisition of between 51% and 100% of GEPCO’s shareholding along with management control, marking another major step in the government’s ongoing programme to privatise electricity distribution companies.
Aviation sector transactions
The PC Board also considered the reconstitution of the Negotiation Committee for the outsourcing or concession of three major airports: Allama Iqbal International Airport, Lahore; Jinnah International Airport, Karachi; and Islamabad International Airport.
The move is part of the Privatisation Commission’s efforts to advance the airport outsourcing programme through a structured transaction process.
HBFCL, ZTBL privatisation
The Board also reviewed progress on key financial-sector transactions and advised Transaction Advisers to fast-track the privatisation processes of House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL).
The move is aimed at ensuring timely progress on both transactions under the government’s broader privatisation programme.
The Privatisation Commission Board reaffirmed its commitment to advancing the privatisation programme through transparent, competitive and professionally managed transactions, with an emphasis on attracting credible domestic and international investment.
