Privatisation Commission prequalifies 9 parties for GEPCO sale
- Board receives a total of 11 Expressions of Interest, shortlists 9
The Privatisation Commission prequalified nine parties for Gujranwala Electric Power Company's (GEPCO) privatisation, moving the process to the next stage of due diligence, aiming to attract investment and improve efficiency.
- Companies prequalified for GEPCO privatization.
- Next stages for GEPCO's sale.
- Other privatization efforts, including airports and banks.
The Privatisation Commission (PC) Board on Monday approved the prequalification of nine interested parties for the privatisation of Gujranwala Electric Power Company (GEPCO), paving the way for the next stage of the transaction.
The decision was taken during the 259th meeting of the PC Board, chaired by Prime Minister’s Adviser on Privatisation and Privatisation Commission Chairman Muhammad Ali.
The board was informed that 11 Expressions of Interest (EOIs) had been received for the acquisition of 51% to 100% shareholding in GEPCO, along with management control.
Following evaluation against the approved prequalification criteria, the Financial Adviser recommended nine parties for prequalification.
The prequalified parties include three Turkish energy companies – Aktor Elektrik Enerji Yatirimlari San. Ve Tic. A.S., Genvera Enerji A.S. and Cengiz Enerji Sanayii Ve Ticaret A.S. – as well as 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 will now move to the next stage, including access to the Virtual Data Room for detailed buy-side due diligence.
Of the two remaining interested parties, K-Electric withdrew its EOI through written intimation to the Privatisation Commission, while Al Sharif Contracting & Commercial Development Co. Ltd. could not provide the documents required under the Request for Statement of Qualification.
Separately, the board considered the reconstitution of the Negotiation Committee for the outsourcing/concession of Allama Iqbal International Airport in Lahore, Jinnah International Airport in Karachi and Islamabad International Airport.
The board also reviewed progress on key financial-sector transactions and directed transaction advisers to fast-track the privatisation processes of House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL).
The Privatisation Commission said the government’s privatisation programme aims to attract credible domestic and international investment, improve efficiency and service delivery, and maximise value for the government and people of Pakistan.