DISCOs, ZTBL and State Life privatization: PC advances key transactions, approves major decisions
ISLAMABAD: The Privatisation Commission (PC) Board, in its meeting held on Thursday under the chairmanship Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, approved key measures relating to the privatisation of Islamabad Electric Supply Company Limited (IESCO), Faisalabad Electric Supply Company Limited (FESCO), Zarai Taraqiati Bank Limited (ZTBL), and State Life Insurance Corporation of Pakistan (SLIC).
The Board approved the prequalification of 10 Interested Parties (IPs) for IESCO’s privatisation, reflecting strong participation from domestic and international investors. The following Interested Parties were prequalified:
- Aktor Elektrik Enerji Yatirimlari San. ve Tic. A.S., Türkiye; 2. Genvera Enerji A.S., Türkiye; 3. Cengiz Enerji Sanayiive Ticaret A.S., Türkiye; 4. Engro Energy Limited; 5. Artistic Milliners (Pvt) Limited Consortium, comprising The Lake City Holdings, Fatima Capital Limited, Din Ventures (Pvt) Limited and Fazal Cloth Mills Limited; 6. Hub Power Holding Limited Consortium, comprising Lucky Cement Limited, Kohat Cement Limited and Metro Ventures (Pvt) Limited; 7. Sapphire Fibers Limited; 8. Novatex Limited; 9. Bestway Cement Limited; 10. Hasnaat Brothers Construction Co. (Pvt) Limited Consortium, comprising Dhilal Holding Group, Pak Steel, Bio-Labs (Pvt) Limited and Farid Steel Casting (Pvt) Limited.
The prequalified parties include three Turkish energy companies, alongside prominent Pakistani business groups and investment consortia, reflecting strong domestic and international investor interest in Pakistan’s electricity distribution sector and confidence in the Government’s ongoing privatisation programme.
READ ALSO: PC receives 10 EOIs for the IESCO acquisition
The 10 prequalified Interested Parties will now proceed to the next stage of the transaction in accordance with the approved process, including access to the Virtual Data Room (VDR) to undertake detailed buy-side due diligence.
IESCO forms part of the first batch of power distribution companies (DISCOs) identified for privatisation, alongside FESCO and Gujranwala Electric Power Company Limited (GEPCO).
In a separate agenda item, the Board approved the addition of consortium members to Artistic Milliners (Pvt) Limited, a prequalified Interested Party for FESCO’s privatisation. The approved arrangement will facilitate the consortium’s participation across the Batch-I DISCO transactions, subject to applicable transaction requirements.
The Board also approved modifications to the transaction structure and restructuring plan for the privatisation of ZTBL. The revisions are in line with the Prime Minister’s directions to maintain ZTBL’s focus on agricultural and farmer financing following privatisation, ensuring continuity of its role in supporting Pakistan’s agricultural sector.
In another key decision, the Board approved the selection of the consortium led by Deutsche Bank as the top-ranked Interested Party for appointment as Financial Adviser for the privatisation of State Life Insurance Corporation of Pakistan (SLIC). The Board also constituted a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the consortium.
The Board reaffirmed its commitment to advancing the Government’s privatisation programme through transparent, competitive and professionally managed transactions, aimed at attracting credible domestic and international investment, improving operational efficiency and service delivery, and maximising value for the Government and the people of Pakistan.
Copyright Business Recorder, 2026
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