PC Board prequalifies 10 interested parties for FESCO privatisation

The Privatisation Commission (PC) Board approved on Friday the prequalification of interested parties (IPs) for the privatisation of the Faisalabad Electric Supply Company (FESCO), a statement said.

The meeting was chaired by Mr Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission.

“The Board was informed that 12 Expressions of Interest (EOIs) had been received for FESCO. Following evaluation of the submissions against the approved prequalification criteria, the Financial Adviser recommended 10 Interested Parties for prequalification and progression to the next stage of the transaction,” the statement read.

The Board approved the following prequalified interested parties for FESCO’s privatisation:

i. Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S.
ii. Genvera Enerji A.S.
iii. Cengiz Enerji Sanayii Ve Ticaret A.S.
iv. Engro Energy Limited
v. Sapphire Fibres Limited
vi. Hub Power Holdings Consortium (Lucky Cement, Kohat Cement and Metro Ventures)
vii. Shirazi Investments (Pvt) Limited
viii. Maple Leaf Cement Factory Limited Consortium (Kohinoor Textile Mills)
ix. Pakgen Limited Consortium (Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy)
x. Artistic Milliners (Pvt) Limited

The other two companies that had also submitted EOIs were Jiang Xi Electric Power Construction (China) and K-Electric Limited.

The prequalified 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) for detailed buy-side due diligence.

The board also approved the reconstitution of its Audit and Risk, Human Resources, Investment, and Legal Committees.