Nine companies prequalified for GEPCO privatisation

The Privatisation Commission Board has shortlisted nine companies to take over 51% to 100% of the shares and control of Gujranwala Electric Power Company (GEPCO).

This decision was made during a meeting of the Privatisation Commission Board, led by Prime Minister’s Adviser Muhammad Ali, where the progress on GEPCO’s privatisation and other state-owned companies was discussed.

The board received 11 applications for GEPCO’s privatisation, and nine of them were approved to move forward.

The companies that made it through the first round include Aktor Electric and Genvira Energy from Türkiye, and Engro Energy, Hub Power, Sapphire, Shirazi Investments, Artistic Milliners, and AKD Securities from Pakistan.

K-Electric officially pulled out of the bidding, and Al-Sharif Contracting did not submit the required paperwork.

The Privatisation Commission said the nine approved companies will now start the due diligence process using a virtual data room.

The meeting also looked at the progress on outsourcing Islamabad, Karachi, and Lahore airports.
The board agreed to reorganize the team handling the airport outsourcing deals.

Additionally, the board has decided to speed up the privatisation of Zarai Taraqiati Bank Limited (ZTBL) and the House Building Finance Company Limited (HBFCL), asking advisers to work quickly on these deals.

A spokesperson from the Privatisation Commission stated that all privatisation deals will be handled in a fair, competitive, and professional way.