Privatisation board backs restructuring plans for three power distribution companies

The Privatisation Commission Board has recommended approval of restructuring plans and schemes of arrangement for Faisalabad, Gujranwala and Islamabad electric supply companies as part of preparations for their privatisation.

The plans for Faisalabad Electric Supply Company, Gujranwala Electric Power Company and Islamabad Electric Supply Company have been prepared on the basis of their audited financial statements for the period ending March 31, 2026.

Under the proposed restructuring, a special government-owned company will be established to take over selected assets and liabilities of the three power distribution companies.

The assets and liabilities transferred to the new entity will not form part of the privatisation transactions, according to the plan.

The deadline for submitting expressions of interest for FESCO has been set for Aug. 7, while the corresponding deadlines for GEPCO and IESCO are Aug. 21 and Sept. 7, 2026, respectively.

The board also approved the formation of two transaction committees to oversee the outsourcing process for Islamabad, Lahore and Karachi airports.

The Asian Development Bank has been appointed financial adviser for the outsourcing of Islamabad International Airport, while the process of selecting financial advisers for Lahore and Karachi airports is underway.

In addition, the board approved the appointment of RSM Owais Haider Liaquat Noman, Chartered Accountants, to audit privatisation transactions completed during the financial years from 2024-25 to 2026-27.

The firm will conduct a separate audit of each completed privatisation transaction.

Reporter: Waqas Azeem