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The Privatisation Commission (PC) has received ten (10) Statements of
Qualification (SOQ) from strategic investors or consortia of
strategic/financial investors interested in acquiring 56% interest in
Faisalabad Electric Supply Company (FESCO) including the management
control in view of the improvements inthe transaction structure, which include
three (3) already pre-qualified parties who have reaffirmed heir interest in
the transaction besides seven (7) fresh SOQs. FESCO is first and one of the
best distribution company being offered for privatisation. PC invited
fresh EOIs on February 22, 2006.
The fresh SOQs have been received from 1. Consortium of Noor Financial
Investment Company (Kuwait) and National Industries Group (Holding) Kuwait, 2.
Sapphire Group (Pakistan) comprising Sapphire Fibers Limited, Sapphire Textile
Mills Limited and Diamondabrics Limited, 3. Consortium of Azgard-9 Limited and
Jahangir Siddiqui and Company Limited (Pakistan), 4. Consortium of Pak
Elektron Limited (Pakistan), Burhan Oils Services (Kuwait) and AKD Securities
(Pakistan, 5. Consortium of Orient Power Company Limited, National Logistic
Cell and Pak Oman Investment Company Limited (Pakistan), 6. Consortium of
Crecent Power Tek Limited, 7. Nishat Group while three already pre-qualified
parties, which have reaffirmed their interest in the transaction include, 8.
Consortium of Rupali Polyester Limited (Pakistan) including Pupali
Polyester Limited, Rupafil Limited, Spintex Limited and Rupali Naylon (Pvt)
Limited, 9. National Power Generation and Supply Company (Pakistan) and
10. Consortium of UBL and AES.
Faisalabad Electric Supply Corporation (FESCO) is one of the electricity
distribution companies created from the unbundling of the Power Wing of
Pakistan Water and Power Development Authority (WAPDA) and serves
approximately 1.8 million customers in the central region of the province of
Punjab. The company with sales of about US $ 400 million, low distribution
losses and high rate of bill collection is one of the best electricity
distribution companies in Pakistan. Being in the heart of the industrial area
of Pakistan, FESCO sells nearly half of its electricity to the industrial and
bulk consumers.