The Prime Minister asked three electricity distribution companies to be privatized in the first phase

Pakistan on Tuesday advanced plans to privatize three electricity distribution companies in the first phase of its reform program, as the government continues its efforts to restructure loss-making state-owned enterprises, according to a statement from the Prime Minister’s Office.

Chairing a review meeting in Islamabad on privatization of Electricity Distribution Companies (DISCO), Prime Minister Shehbaz Sharif was informed that three power distributors, Islamabad Electric Supply Company (IESCO), Gujranwala Electric Power Company (GEPCO) and Faisalabad Electric Supply Company (FESCO), would be privatized in the first phase.

Expressions of interest for the three DISCOs have already been published in national and international newspapers. The Cabinet Committee on Privatization also approved the transaction structure for the process.

The Prime Minister reiterated that the privatization of loss-making public sector entities remains a top priority of the government.

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Senior cabinet members present at the meeting included Deputy Prime Minister and Foreign Minister Ishaq Dar, Law Minister Azam Nazeer Tarar, Finance Minister Muhammad Aurangzeb, Economic Affairs Minister Ahad Khan Cheema, Energy Minister Sardar Awais Leghari and privatization advisor Muhammad Ali.

“Loss-making state-owned enterprises are our priority for privatization,” Prime Minister Shehbaz said, according to officials present at the meeting. He called on the relevant authorities to speed up the process and ensure that it is carried out transparently.

The meeting was informed that roadshows would be launched this month to attract investors, with international sessions also planned for potential investors from Saudi Arabia, Turkey and China.

PM Shehbaz also asked officials to establish a strong regulatory framework after privatization of DISCOs and stressed that transparency must be maintained at every stage of the process.