ISLAMABAD, Oct 1: Minister for Privatization and Investment, Dr. Hafeez Shaikh has directed the Financial Advisers for Faisalabad Electric Supply Company (FESCO) and the Jamshoro Power Company (JPC) to complete all related formalities prior to the bidding of both the power sector entities on fast track basis.

He was chairing separate meetings with the prospective bidders for both the transactions here on Wednesday.

The minister said that the divestiture of various power sector generation and distribution assets was aimed at improving the efficiency of power sector through competition, accountability, managerial autonomy and profit incentives.

Hafeez Shaikh said the government was determined to extend maximum and even-handed support to the potential bidders enabling them to proceed further with the privatization process of FESCO and JPC, which had been delayed on one pretext or the other.

Now no delay would be tolerated and anyone found creating hurdles in the process of privatisation would be taken to task, the minister maintained.

He directed the financial advisers and the Privatization Commission to finalize all the agreements, including share-purchase agreement (SPA), electric supply agreement (ESA) and the other documentation related activity prior to the final bidding of these entities.

The potential bidders and their representatives expressed satisfaction over the process and reposed full confidence in the mechanism terming it as fair and transparent one.

The minister appreciated the interest, commitment and the seriousness of the bidders for taking the transaction ahead towards the bidding.

PC had invited expressions of interest from the interested parties/consortia for the management control of FESCO through acquiring 56pc interest of the company by a qualified strategic investors.

FESCO is one of the electricity distribution companies created from unbundling of the power wing of Wapda.

The company, incorporated in 1998 as a public limited company, serves approximately 1.8 million consumers of various categories spread over the central Punjab region.

PC offered 51pc shares of Wapda’s power generation unit JPC located in Sindh province, which was also established as a result of the unbundling of Wapda.

It was organized to take over all the properties, rights, assets, obligations and liabilities of two thermal power stations namely Jamshoro and Kotri with a total capacity of 1054mw.—APP