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Islamabad, January 2, 2003
Privatisation Commission has offered the management control of Faisalabad
Electric Supply Company (FESCO) through acquiring 56 % interest of the company
by a qualified strategic investors.
Expressions of Interest (EOI) have been invited from the interested parties/
consortia. A Request for Statement of Qualification will be sent to those who
will submit their EOIs. An early submission of EOI will allow maximum time for
interested parties to prepare their RsoQ which will be due at noon on February
15,2003. Faisalabad Electric Supply Company (FESCO) is one of the electricity
distribution companies created from unbundling of the power wing of Pakistan's
Water & Power Development Authority (WAPDA). The company incorporated in 1998
as a public limited company serves approximately 1.8 million consumers
of various categories spread over the central Punjab region of Pakistan.
PC had earlier invited parties for appointment as Financial Advisory
Consortium (FA) to assist the Government of Pakistan in privatizing Peshawar
Electric Supply Company (PESCO). The Government of Pakistan (GOP) is
considering the privatisation of Peshawar Electric Supply Company Limited (PESCO),
which is also a fully owned GOP Company formed as a result of the unbundling
of the vertically integrated power wing of Pakistan Water and Development
Authority (WAPDA) into fourteen independent companies i.e. four Thermal
Generation Companies (GENCOs), one National Transmission and Dispatch Company
(NTDC) and nine Distribution Companies (DISCOs) for corporatisation,
commercialization and subsequent privatisation. The Company was incorporated
as a public limited company under Pakistan Companies Ordinance, 1984 in
September 1998 and started commercial operation independent of WAPDA on March
01, 1999. It is one of the nine DISCOs responsible for supply and distribution
of electricity in the North Western Frontier Province (NWFP) of Pakistan
excluding the tribal areas.
PC received eight EOIs from Aqeel Karim Dhedhi Securities (Pvt) Ltd., BNA
Capital Management, Faysal Bank Limited, Global Securities Limited, Khadim Ali
Shah Bukhari & Co. Ltd., SG Conseil Pays Emergents, Trust Investment Bank
Limited and Union Bank Limited/ AMZ Securties (Pvt) Ltd. However, five of them
submitted their Technical and Finanacial Proposals for pre-qualification,
which include Faysal Bank Limited, Khadim Ali Shah Bukhari & Co, Ltd., SG
Conseil Pays Emergents, Trust Investment Bank Limited, Union Bank Ltd./
AMZ Securities (Pvt) Limited. Divestiture of various power sector generation
and distribution assets to allow activities to be undertaken by the private
sector; improvement in the efficiency of the Pakistan Power Sector through
competition, accountability, managerial autonomy and profit incentives; and
the generation of required resources through the divestment process are the
objectives of the Government for the privatisation of power sector.