PC advances DISCOs’ privatisation, approves Roosevelt Hotel adviser

The Privatisation Commission (PC) Board approved on Tuesday recommendations for submission to the Cabinet Committee on Privatisation (CCoP) regarding the privatisation of the first batch of power distribution companies (DISCOs), namely Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), and Islamabad Electric Supply Company (IESCO), the PC said in a statement.

As per the details, the Board approved the proposed transaction structure, pre-qualification criteria, and restructuring plans for each of the three DISCOs.

The recommendations of the PC Board will be submitted to the CCoP for consideration and approval at its forthcoming meeting. Following approval, Expressions of Interest (EOIs) will be invited from prospective investors.

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The Board noted that the proposed framework was designed to attract credible private sector participation and unlock value in the power distribution sector. It also reviewed the reforms proposed for the post-privatisation regime framework presented by the Privatisation Commission.

“The envisaged reforms aim to ensure commercial sustainability, regulatory predictability, and service quality in the power distribution sector,” the PC said.

Meanwhile, in a separate agenda item, the Board approved the consortium led by Citibank as the top-ranked bidder for appointment as Financial Adviser for the privatisation of the Roosevelt Hotel, New York.

The Board also constituted a negotiation committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.