Islamabad: The Privatisation Commission (PC) Board, in its 257th meeting, approved pivotal measures to outsource Allama Iqbal International Airport, Lahore, and Jinnah International Airport, Karachi, and to privatise Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).

According to Press Information Department, the board endorsed a consortium led by EY-Parthenon as the top-ranked candidate for Financial Adviser for the airports’ outsourcing, following a competitive selection process. A Negotiation Committee has been set up to conclude the Financial Advisory Services Agreement with the chosen consortium.

The privatisation of LESCO and MEPCO was declared as significant transactions, prompting the need for a Financial Adviser as per the Privatisation Commission regulations. The commission will now proceed to appoint a Financial Adviser for these transactions.

LESCO and MEPCO are part of the fourth batch of power distribution companies designated for privatisation by the Government, with previous batches already in progress.

The Board reiterated its dedication to furthering the Government’s privatisation programme, emphasizing transparency, competitiveness, and professional management, aiming for accountability and maximum value for the Government and the citizens of Pakistan.