Islamabad: Important progress has been made regarding the
privatization of electricity distribution companies. The Privatization
Commission Board has taken a major decision regarding FESCO, GEPCO and IESCO.
According to the announcement, the framework for the
privatization of three power distribution companies along with the transaction
structure and pre-qualification criteria for privatization, were approved. Approval
was given to forward the case regarding the privatization of DISCOs to the
Cabinet Committee. Reforms after privatization are expected to improve the
power sector.
According to the announcement, an expression of interest
will soon be called for from investors. The Citibank consortium was declared
successful for the privatization of the Roosevelt Hotel.
Approval was given to the appointment of a financial advisor
for the Roosevelt Hotel. The Privatization Commission has resolved to continue
the transparent and fast implementation.
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