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| February 8, 2003 | Saturday | Zul Hijjah 6,1423 |
Brigadier replaces Fesco chief
ISLAMABAD, Feb 7: The Wapda management has removed Faisalabad Electricity Supply Company chief executive Ijaz Ali Khan and appointed a serving army officer Brig Tariq Rasool in his place.
Wapda sources said that Brig Tariq had taken charge as the chief executive of Fesco. The company should be transferred to the private sector before June 2003 under a revised deadline of the World Bank.
Mr Ijaz was appointed the Fesco chief executive early last year for a period of three years and was to complete his tenure on Jan 8, 2005.
He had replaced a serving brigadier as a result of a policy decision to complete the privatisation process under a civilian setup. Wapda sources said that he was not found suitable to spearhead its sale transactions.
Fesco is one of the best electricity distribution companies in Pakistan in terms of operational performance with a line loss rate of 10 to 13 per cent and an annual revenue of around $364 million.
It has 1.82 million consumers with the industry consuming 37 per cent of the energy sold and contributing 48 per cent of the revenue.
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