Three Turkish firms among nine prequalified for GEPCO privatisation

ISLAMABAD: The Privatisation Commission Board has approved the prequalification of nine bidders for the privatisation of the Gujranwala Electric Power Company (GEPCO), with the successful candidates set to move to the next stage of the process.

The decision was taken at the 259th meeting of the Privatisation Commission Board, chaired by Chairman Muhammad Ali in Islamabad.

The government had received 11 expressions of interest from parties seeking to acquire between 51 and 100 per cent of GEPCO’s shares along with management control.

Following an evaluation, the financial adviser recommended nine candidates for prequalification, which was approved by the board.

The prequalified candidates include three Turkish energy companies as well as prominent Pakistani business groups and investment consortia.

The companies prequalified for the transaction include Aktor Energy, Genvera Energy, Cengiz Energy, Engro Energy and Sapphire Fibres.

The consortiums of Hub Power Holdings, Shirazi Investments, Artistic Milliners and AKD Securities have also been prequalified.

The meeting was told that K-Electric withdrew its expression of interest in writing from the Privatisation Commission, while Al-Sharif Contracting and Commercial Development failed to provide the required documents and was therefore not prequalified.

The nine successful companies will now enter the next phase of the privatisation process.

They will be granted access to a virtual data room to facilitate detailed due diligence of GEPCO.

The board also considered the reconstitution of the negotiating committee for the outsourcing and concession of the Lahore, Karachi and Islamabad international airports.

During the meeting, the board reviewed progress on the privatisation of two financial-sector entities — the House Building Finance Company Limited (HBFCL) and the Zarai Taraqiati Bank Limited (ZTBL).

The transaction advisers were directed to expedite the privatisation process of both institutions.

The board reiterated the government’s commitment to attracting domestic and foreign investment through transparent, competitive and professional privatisation procedures.

According to the Privatisation Commission, the government’s privatisation programme aims to improve efficiency and service delivery while securing maximum value for the government and the public.