Islamabad: The Privatization Commission Board has approved key recommendations for the privatization of the first batch of power distribution companies, paving the way for further governmental action. The decision, made during a meeting chaired by Adviser to the Prime Minister on Privatization Muhammad Ali, will be submitted to the Cabinet Committee on Privatization.
According to Radio Pakistan, the Board’s approval encompasses the proposed transaction structure, pre-qualification criteria, and restructuring plans for the three targeted companies: Faisalabad Electric Supply Company, Gujranwala Electric Power Company, and Islamabad Electric Supply Company. These steps are seen as crucial for the eventual transfer of these companies to private ownership.
In a separate development, the Board also approved the selection of a consortium led by Citibank as the top-ranked bidder to serve as Financial Adviser for the privatization of the Roosevelt Hotel in New York. This decision marks another significant step in the government’s broader privatization efforts.