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A high level meeting attended by Dr. Abdul Hafeez Shaikh, Federal Minister
for Privatisation & Investment and Mr. Aftab Ahmad Khan Sherpao Federal
Minister for Water & Power reviewed the status of privatisation of Karachi
Electric Supply Company (KESC) and other WAPDA entities including Faisalabad
Electric Supply Company (FESCO), Jamshoro Power Company (JPC) and Peshawar
Electric Supply Company (PESCO). While discussing the present status of
privatization process of these power sector entities, the meeting identified
the transaction issues, which were hindering the process and decided to
accelerate the process and take all these transactions to a point of sale and
bidding by June 2004.
The meeting was also attended by Mr. Iftikhar-ul-Haq, Member Privatisation
Commission, the Secretaries of Ministries of Privatisation and Water and
Power, the Chairman WAPDA, Chief Executives of PEPCO, JPC, FESCO, KESC and
PESCO. Representatives of NEPRA and Financial Advisors appointed for these
privatizations were also present.
The meeting was informed that the interested parties are to soon start due
diligence of KESC. Tribal Areas are being separated from PESCO and separate
license is being arranged for power distribution in the tribal areas. This
will enable the Financial Advisors to go ahead with the due diligence of PESCO.
The meeting noted with satisfaction that the parties interested in buying
FESCO and JPC are on board and carrying on with their due diligence leading to
valuation of these entities for bidding during the current financial year.