Government of Pakistan
Privatization Commission

PC INVITES EOI FOR PRIVATISATION OF FAISALABAD ELECTRIC SUPPLY COMPANY (FESCO)


Islamabad, February 22, 2006

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 the 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.

Flyer Link: http://www.privatisation.gov.pk/Adds/yr-2006/EOI%20for%20FESCO.htm

Source: http://www.privatisation.gov.pk/Handout/HO-AR-06/Feb-06/Handout%20Feburary%202006.htm