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The Privatisation Commission (PC) has invited Expressions of Interest (EOI)
from qualified 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
in the transaction structure. It is a unique opportunity to acquire 56% Equity
Stake and Management Control in Pakistan's first and one of he best
distribution company being offered for privatisation. The PC is in a fairly
advanced stage of the privatisation of FESCO.
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.
Interested parties have been asked to furnish their EOI alongwith a brief
profile of potential investor and a non-refundable processing fee of US $ 850
or Rs 50,000. Parties with relevant credentials who submit an EOI alongwith
the non-refundable processing fee will be dispatched a Request for Statement
of Qualifications (SOQ) starting on February 25, 2006. The early submission of
EOIs will allow parties maximum time for completion of their SOQ requirements.
SOQ must be submitted to the PC no later than 1500 Hours on March 31, 2006.
Parties who have already submitted EOI and have been pre-qualified need not
apply afresh. It is, however, requested that such pre-qualified parties
confirm their continued interest in the transaction. The offer is not intended
to be and should not be construed as any
representation or warranty, express or implied with respect to any statement
made herein.