The Privatisation Commission (PC) Board, in its 257th meeting held today under the chairmanship of Mr. Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, accorded key approvals relating to the outsourcing of Allama Iqbal International Airport, Lahore (AIIAP), and Jinnah International Airport, Karachi (JIAP), as well as the privatisation of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).
The Board approved the consortium led by EY-Parthenon as the top-ranked interested party for appointment as Financial Adviser for the outsourcing of AIIAP and JIAP, following a competitive selection process. The Board also constituted a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.
The Board further declared the privatisation of LESCO and MEPCO as major transactions, necessitating the appointment of a Financial Adviser in accordance with the applicable Privatisation Commission regulations. Following this approval, the Privatisation Commission will initiate the process for the appointment of a Financial Adviser for the two transactions.
LESCO and MEPCO constitute the fourth batch of power distribution companies (DISCOs) identified for privatisation by the Government, while the privatisation process for the three earlier batches is already under way.
The Board reaffirmed its commitment to advancing the Government's privatisation programme, building on recent progress and ensuring that transactions are undertaken in a transparent, competitive, and professionally managed manner, with a focus on accountability and value maximisation for the Government and the people of Pakistan.
