Islamabad:
The federal government began preparations to privatize electricity distribution companies, including Lahore Electric Supply Company (Lesco) and Multan Electric Power Company (MEPCO).
According to official documents available with Express News, the privatization committee has requested detailed information from the electricity division as part of the process. After which, the management of MEPCO began to rationalize its assessments and its recordings outside the balance sheet.
The privatization committee asked the electricity division to provide the latest financial audit reports for MEPCO. The company officials said the audit was in the process of completion.
In addition, the Commission has requested details on the real estate properties of electricity distribution companies listed in “Lot Two”, including their legal status, income file and ownership details.
The energy division has also been responsible for providing a complete inventory of assets, their evaluation and information on the actions of the company and the transfers of property securities, which are already underway.
The Commission also sought complete data on employees and retirees, in particular the number of regular, contractual staff and daily wages, their rules and regulations in power, as well as the total number of retirees and their pending contributions.
In addition, the Commission wishes details on the responsibilities on each distribution company and the amount of claims due to consumers and other stakeholders.
Official documents also mentioned that the electricity division has already launched the process of transferring securities of actions and properties of distribution companies.
