Overview
- The Privatisation Commission board, which met Thursday, formally prequalified 10 domestic and Turkish bidders for Islamabad Electric Supply Company (IESCO) and authorised them to access the Virtual Data Room for detailed due diligence.
- The shortlisted bidders include three Türkiye-based energy firms and major Pakistani groups and consortia such as Engro Energy, Bestway Cement, a Hub Power-led group and an Artistic Milliners-led consortium.
- The board also approved adding members to Artistic Milliners’ FESCO consortium and changed the transaction and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL) to protect its agricultural lending mandate after privatisation.
- A Deutsche Bank-led consortium was ranked top to advise on State Life Insurance Corporation of Pakistan (SLIC) and a negotiation committee was formed to finalise the financial advisory agreement.
- The actions move Pakistan’s 2024–2029 privatisation agenda forward by shifting bidders from expressions of interest to buy-side due diligence, but the final buyer, exact stake (reported framework allows 51–100 percent), regulatory approvals and sale completion dates remain unresolved and will determine service, tariff and job outcomes for consumers and staff.