Overview
- The Privatisation Commission Board, which met Tuesday, recommended that the Cabinet Committee on Privatisation approve restructuring plans and schemes of arrangement for FESCO, GEPCO and IESCO.
- The proposed model relies on audited financial statements through March 31, 2026 and would create a government-owned special purpose vehicle to separate selected assets and liabilities from the three DISCOs.
- The board set formal deadlines for Expressions of Interest to move the process to market with dates of August 7 for FESCO, August 21 for GEPCO and September 7 for IESCO and said investor interest so far has been encouraging.
- Separately, the commission formed transaction committees for outsourcing Islamabad, Lahore and Karachi airports, appointed the Asian Development Bank as financial adviser for Islamabad airport, and named RSM Avais and BDO Ebrahim & Co. for transaction and annual audits.
- If the Cabinet Committee signs off, the transactions would open to competitive bids as part of a wider government push to attract private capital, ease DISCOs' pension and legacy burdens, and meet prior IMF reform commitments.