PC Board advances airport outsourcing, LESCO, MEPCO privatisation

The Privatisation Commission (PC) Board on Tuesday approved key steps for outsourcing Lahore’s Allama Iqbal International Airport (AIIAP) and Karachi’s Jinnah International Airport (JIAP), besides advancing the privatisation of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).

The decisions were taken at the 257th meeting of the PC Board, chaired by Adviser to the Prime Minister on Privatisation and Chairman Privatisation Commission Muhammad Ali, according to a statement.

The board approved the consortium led by EY-Parthenon as the top-ranked interested party for appointment as Financial Adviser for outsourcing AIIAP and JIAP following a competitive selection process.

It also constituted a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.

Separately, the board declared the privatisation of LESCO and MEPCO as major transactions, requiring the appointment of Financial Advisers under the applicable Privatisation Commission regulations.

The commission will now initiate the process for appointing Financial Advisers for the two power distribution companies.

LESCO and MEPCO are part of the fourth batch of distribution companies (DISCOs) identified by the government for privatisation, while processes for the three earlier batches are already under way.

The board reiterated its commitment to advancing the government’s privatisation programme through transparent, competitive and professionally managed transactions, with a focus on accountability and maximising value for the government and people of Pakistan.