The Privatisation Commission (PC) Board has approved key steps towards the outsourcing of Allama Iqbal International Airport (AIIAP) in Lahore and Jinnah International Airport (JIAP) in Karachi, while also moving forward with the privatisation of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO).
The decisions were taken during a meeting chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.
EY-Parthenon Consortium Selected for Airport Outsourcing
The board approved an EY-Parthenon-led consortium as the top-ranked interested party for appointment as Financial Adviser for the outsourcing of AIIAP and JIAP.
The consortium was selected through a competitive selection process. A Negotiation Committee has also been formed to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.
The appointment of the Financial Adviser is expected to support the government in progressing the outsourcing plans for the two major international airports.
LESCO and MEPCO Privatisation Moves Forward
The Privatisation Commission Board also declared the proposed privatisation of LESCO and MEPCO as major transactions.
Under the relevant Privatisation Commission regulations, the decision requires the appointment of a Financial Adviser to assist with the transactions. The commission will now begin the process of selecting Financial Advisers for both power distribution companies.
Fourth Batch of DISCOs Targeted for Privatisation
LESCO and MEPCO form the fourth batch of Distribution Companies (DISCOs) identified for privatisation by the government.
The privatisation process for the three earlier batches of DISCOs is already underway, as the government continues its broader programme to restructure and privatise state-owned enterprises.
The latest approvals mark another step towards increasing private-sector participation in Pakistan's aviation and power sectors, while advancing the government's wider economic reform and privatisation agenda.
