Prime Minister Shehbaz Sharif on Tuesday directed that the privatisation of electricity distribution companies (Discos) should be expedited.

Chairing a meeting focused on Discos’ privatisation, the premier stated that the privatisation of state-owned companies incurring losses was the government’s priority, according to a post on X by the Prime Minister’s Office (PMO).

Shehbaz directed the meeting attendees to accelerate the process, while urging for “a robust regulatory framework” to be established after the companies have been handed over to private owners.

The prime minister was also briefed on updates regarding the ongoing privatisation drive.

The first phase would involve the privatisation of Islamabad Electric Supply Company (Iesco), Gujranwala Electric Power Company (Gepco) and Faisalabad Electric Supply Company (Fesco).

The government has already invited expressions of interest (EOI) for these three Discos, while the Cabinet Privatisation Committee has approved the transaction structure for the process, according to the briefing.

Furthermore, roadshows are to be held this month to attract investors, including international investors from Saudi Arabia, Turkiye and China, the PMO said.

The meeting was attended by several senior government officials and ministers, including Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb, Power Minister Awais Leghari and Law Minister Azam Nazeer Tarar.

On May 19, the Privatisation Commission had invited EOIs from local and international investors for the much-delayed sale of three of the country’s most viable electricity distribution companies.

The deadline for submitting EOIs for the partial or full sale of the Discos falls in the first quarter of the next fiscal year.

Fesco, Gepco and Iesco collectively serve more than 14 million consumers across major industrial, commercial and urban centres of Punjab, the Islamabad region, and parts of Azad Jammu and Kashmir.

The transaction offers investors an opportunity to acquire between 51 per cent and 100pc shareholding, along with management control, in each of the three distribution companies.