LESCO, MEPCO Declared Major Privatisation Transactions

ISLAMABAD: The Privatisation Commission (PC) Board has approved an EY-Parthenon-led consortium as the highest-ranked bidder for financial advisory services related to the outsourcing of Lahore and Karachi airports, while also declaring LESCO and MEPCO as major privatisation transactions.

The decisions were taken during the 257th meeting of the PC Board, chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.

Following a competitive selection process, the board approved the EY-Parthenon-led consortium as the top-ranked party for appointment as Financial Adviser for the outsourcing of Allama Iqbal International Airport, Lahore (AIIAP) and Jinnah International Airport, Karachi (JIAP).

The development marks an important step toward moving forward with the outsourcing of the two major international airports, with the appointed financial adviser expected to assist the government in progressing the transactions.

The board also established a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the successful consortium.

Separately, the board approved the classification of Lahore Electric Supply Company (LESCO) and Multan Electric Power Company (MEPCO) as major privatisation transactions.

Under the classification, the Privatisation Commission will now be required to appoint Financial Advisers for both electricity distribution companies in accordance with the relevant regulations.

Following the approval, the commission will begin the process of selecting financial advisers for LESCO and MEPCO, paving the way for further progress on their planned privatisation.

LESCO and MEPCO are part of the fourth batch of DISCOs identified by the government for privatisation, while processes involving the three earlier batches are already underway.

The latest decisions further advance the government's broader privatisation programme, covering both airport outsourcing and electricity distribution companies.

The board reiterated its commitment to moving the programme forward through transparent and competitive procedures, while stressing professional management, accountability and maximising value for the government and people of Pakistan.