ISLAMABAD: Pakistan has extended the deadline for prospective buyers to submit expressions of interest (EOIs) for the privatization of state-owned Islamabad Electric Supply Company Limited (IESCO) to Sept.21, the Privatization Commission said on Saturday, as Islamabad aims to increase private sector participation in the sell-off.
Pakistan is seeking to privatize three major electricity distribution companies including Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO) and IESCO in the first phase of a broader power-sector sell-off. Investors are being offered stakes ranging from 51 percent to 100 percent and management control in the distributors.
The privatizations aim to bring private sector investment and management into a distribution system that has suffered electricity losses, poor recoveries and mounting circular debt. The government’s attempt to privatize state-owned enterprises is recommended by the IMF under a $7 billion loan program.
“For IESCO, the revised deadline for submission of EOI is September 21, 2026, at 4:00 PM (PKT),” the commission said in a press release.
“The extension has been granted to facilitate interested local and international investors and ensure a more competitive and transparent privatization process.”
The commission said the extension also aims to provide prospective investors additional time to complete their due diligence and submit their EOIs.
Pakistan’s push to privatize state-owned electricity distribution companies has also drawn fresh interest from Turkish investors.
The Privatization Commission said on Friday that out of the three investors it had pre-qualified to take part in the bidding process for FESCO’s privatization, three were Turkish companies.
The submissions for IESCO’s privatization will be evaluated against the prequalification criteria, and successful applicants will advance to the next stage to be granted access to a virtual data room for due diligence.
