ISLAMABAD: K-Electric has withdrawn from the privatisation process for Gujranwala Electric Power Company (GEPCO), leaving nine other parties prequalified to pursue the acquisition of 51% to 100% of the power distributor along with management control.
The Privatisation Commission (PC) Board approved the prequalification of the nine parties on Monday after reviewing 11 Expressions of Interest (EOIs) submitted for GEPCO.
K-Electric Withdraws From Process
K-Electric formally informed the Privatisation Commission in writing that it was withdrawing its EOI from the GEPCO transaction.
Another interested party, Al Sharif Contracting & Commercial Development Co. Ltd., could not provide the documents required under the Request for Statement of Qualification.
The nine remaining parties will now move to the next stage, including access to the Virtual Data Room for detailed due diligence.
Nine Parties Prequalified
The approved list includes Turkish energy companies Aktor Elektrik Enerji Yatirimlari, Genvera Enerji and Cengiz Enerji, along with major Pakistani business groups and investment consortia.
The Pakistani bidders include Engro Energy, Sapphire Fibers, Hub Power Holdings Consortium, Shirazi Investments Consortium, Artistic Milliners Consortium and an AKD Securities Consortium.
The participation of three Turkish energy companies alongside prominent domestic investors indicates continued interest in Pakistan’s electricity distribution sector.
Airport, Banking Privatisation Reviewed
The PC Board also considered reconstituting the Negotiation Committee for outsourcing or concession arrangements for Lahore, Karachi and Islamabad international airports.
It further directed transaction advisers to accelerate the privatisation processes for House Building Finance Company Limited and Zarai Taraqiati Bank Limited.
The board said the privatisation programme would focus on transparent and competitive transactions, attracting credible investors, improving efficiency and service delivery, and maximising value for the government and the public.