Privatisation Commission advances airport outsourcing LESCO and MEPCO privatisation

The Privatisation Commission (PC) Board has approved key steps to advance the outsourcing of Allama Iqbal International Airport, Lahore, and Jinnah International Airport, Karachi, while also initiating the process for the proposed privatisation of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO). The decisions were taken during the 257th meeting of the Privatisation Commission Board, chaired by Prime Minister's Adviser on Privatisation and Privatisation Commission Chairman Muhammad Ali. The Board approved the EY-Parthenon-led consortium as the top-ranked bidder for appointment as Financial Adviser for the outsourcing of the Lahore and Karachi airports following a competitive selection process. President Zardari, PM Shehbaz call youth vital to Pakistan's development A Negotiation Committee was also constituted to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium. Meanwhile, the Board declared the proposed privatisation of LESCO and MEPCO as major transactions, requiring the appointment of Financial Advisers under the applicable Privatisation Commission regulations. Following the approval, the Privatisation Commission will begin the process of appointing Financial Advisers for both power distribution companies. LESCO and MEPCO are part of the fourth batch of distribution companies identified by the government for privatisation. The privatisation process for the three earlier batches of DISCOs is already underway. Tipu Usman meets Pakistani media representatives in London The Privatisation Commission said the Board reaffirmed its commitment to advancing the government's privatisation programme through transparent, competitive and professionally managed transactions, with a focus on accountability and maximising value for the government and the people of Pakistan. Pakistan's privatisation programme Pakistan has been pursuing a privatisation programme for state-owned enterprises and assets to reduce the government's financial burden and improve the efficiency of public-sector entities. Pakistan International Airlines (PIA) has already been privatised under the programme. An Arif Habib-led consortium acquired a 75% stake in the national carrier for Rs135 billion in December last year, with most of the proceeds intended for investment in the airline. 4.8-magnitude earthquake jolts Zhob, Chaman in Balochistan Fauji Fertiliser Company, which was initially among the competing bidders, later joined the transaction. The consortium subsequently acquired the remaining 25% stake, making it the second-largest shareholder in the airline. Tags: privatisationcommissionadvancesairportoutsourcinglescomepco