ISLAMABAD (special crosspondent) – The Board of the Privatisation Commission has officially recommended the approval of restructuring plans and formal Schemes of Arrangement for the privatisation of the Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO). This development marks a pivotal progression in the federal government’s ongoing Pakistan accelerates digital reforms to boost connectivity and economic growth and power sector reform initiatives.

Privatisation Roadmap and Financial Framework

According to an official statement released by the Ministry of Privatisation, the board meeting was presided over by the Prime Minister’s Adviser on Privatisation and Chairman of the Board, Muhammad Ali. The Board has formally recommended that the Cabinet Committee on Privatisation (CCoP) grant final approval for the restructuring blueprints involving the three power distribution companies (DISCOs), which comprise the first phase of the national privatisation agenda.

These restructuring proposals are strictly underpinned by audited financial statements of the three utilities for the period concluding on 31 March 2026. The strategic framework aims to optimize fiscal value for the Government of Pakistan while ensuring the resultant transactions maintain commercial viability, thereby increasing attractiveness for both domestic and international institutional investors.

Asset Management and Strategic Outsourcing

To streamline operations, the government plans to establish a dedicated Special Purpose Vehicle (SPV). This entity will assume responsibility for specific assets and liabilities excluded from the core privatisation scope, a move officials believe will enhance transaction transparency and commercial efficiency. The board noted that these initial DISCOs have generated substantial interest from the investment community. Key deadlines for the submission of Expressions of Interest (EOIs) are confirmed as 7 August 2026 for FESCO, 21 August 2026 for GEPCO, and 7 September 2026 for IESCO.

In a related expansion of the government’s Lahore initiates pilot project to eradicate organized professional begging reform efforts, the Board sanctioned the creation of two transaction committees tasked with supervising the outsourcing processes for Islamabad, Lahore, and Karachi airports. While the Asian Development Bank (ADB) is confirmed as the financial adviser for Islamabad International Airport, the recruitment of similar advisory expertise for the Lahore and Karachi aviation hubs is presently in progress.

Auditing and Future Governance

To ensure rigorous oversight, the Privatisation Commission Board approved the appointment of RSM Avais Hyder Liaquat Nauman, Chartered Accountants, to manage transaction audits for deals spanning the 2024-25 to 2026-27 fiscal years. Furthermore, BDO Ibrahim & Co., Chartered Accountants, has been engaged through a competitive bidding process to conduct annual financial audits for the commission covering the 2025-26 through 2027-28 fiscal periods.

Concluding the session, the Board reiterated its steadfast commitment to executing the government’s privatisation mandate through a transparent, competitive, and professional lens. The overarching objective remains the substantial improvement of state-owned enterprise performance, the acceleration of private sector participation, and the maximisation of fiscal returns for the Prime Minister Shehbaz Sharif prioritizes oil refineries upgradation and the national exchequer.