Islamabad: The Privatisation Commission Board, in its 250th meeting, approved key recommendations for the privatisation of three major power distribution companies. The board, chaired by Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation, advanced plans for Faisalabad Electric Supply Company, Gujranwala Electric Power Company, and Islamabad Electric Supply Company.
According to Press Information Department, the board approved transaction structures, pre-qualification criteria, and restructuring plans for the companies. These recommendations will be presented to the Cabinet Committee on Privatisation for approval. Upon approval, the process will move forward with inviting Expressions of Interest from potential investors.
The proposed framework is intended to attract private sector participation and enhance value in the power distribution sector. The board also reviewed reforms for the post-privatisation regime, aiming for commercial sustainability, regulatory predictability, and service quality.
In a separate decision, the board appointed a consortium led by Citibank as the financial adviser for the privatisation of the Roosevelt Hotel in New York. A negotiation committee was formed to finalise the Financial Advisory Services Agreement with the consortium.
The board reiterated its commitment to a transparent and efficient privatisation programme, aiming for timely execution of transactions.