Privatisation Commission prequalifies 10 parties for IESCO

October 23, 2026 (MLN): The Privatisation Commission (PC) Board has approved the prequalification of 10 Interested Parties (IPs) for the privatisation of Islamabad Electric Supply Company Limited (IESCO), showing strong participation from domestic and international investors.

It also cleared the addition of consortium members to Artistic Milliners (Pvt) Limited, a prequalified party for Faisalabad Electric Supply Company Limited (FESCO), allowing the consortium to take part across the Batch-I power distribution company (DISCO) transactions, subject to applicable requirements.

The Board approved changes to the transaction structure and restructuring plan for Zarai Taraqiati Bank Limited (ZTBL), in line with the Prime Minister’s directions to keep the bank focused on agricultural and farmer financing after privatisation.

It also picked the Deutsche Bank-led consortium as the top-ranked party for appointment as Financial Adviser for the privatisation of State Life Insurance Corporation of Pakistan (SLIC), and formed a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with it.

The decisions came at the Board’s 260th meeting, chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission, according to a press release issued.

The prequalified parties for IESCO are Aktor Elektrik Enerji Yatirimlari San. ve Tic. A.S., Genvera Enerji A.S. and Cengiz Enerji Sanayii ve Ticaret A.S. of Türkiye; Engro Energy Limited; Sapphire Fibers Limited; Novatex Limited; Bestway Cement Limited; and three consortia.

These are the Artistic Milliners (Pvt) Limited Consortium, comprising The Lake City Holdings, Fatima Capital Limited, Din Ventures (Pvt) Limited and Fazal Cloth Mills Limited; the Hub Power Holding Limited Consortium, comprising Lucky Cement Limited, Kohat Cement Limited and Metro Ventures (Pvt) Limited; and the Hasnaat Brothers Construction Co. (Pvt) Limited Consortium, comprising Dhilal Holding Group, Pak Steel, Bio-Labs (Pvt) Limited and Farid Steel Casting (Pvt) Limited.

Prequalified Interested Parties for IESCO privatisation

The 10 parties will now move to the next stage of the transaction, including access to the Virtual Data Room (VDR) for detailed buy-side due diligence.

IESCO is part of the first batch of DISCOs identified for privatisation, alongside FESCO and Gujranwala Electric Power Company Limited (GEPCO).

The Board reaffirmed its commitment to transparent, competitive and professionally managed transactions that attract credible investment, improve efficiency and service delivery, and maximise value for the Government and the people of Pakistan.

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