By SKM
October 5, 2026
ISLAMABAD: Pakistan on Monday cleared nine investors for the next round of the Gujranwala Electric Power Company (GEPCO) privatisation, setting the stage for a major contest for control of one of the country’s key electricity distribution companies.
The decision, taken by the Privatisation Commission Board at its 259th meeting, comes as the government steps up efforts to push forward a wider privatisation agenda spanning the power, aviation and financial sectors.
The Board approved nine of the 11 Expressions of Interest (EOIs) received for the acquisition of 51% to 100% of GEPCO’s shares along with management control.
The shortlist brings together three Turkish energy companies and several prominent Pakistani business groups and investment consortia, underlining strong investor interest in the country’s power distribution market.
Nine investors enter next round
The prequalified investors are Aktor Elektrik Enerji Yatirimlari, Genvera Enerji, Cengiz Enerji, Engro Energy, Sapphire Fibers, Hub Power Holdings Consortium, Shirazi Investments Consortium, Artistic Milliners Consortium and AKD Securities Consortium.
The selection was made after the submissions were evaluated against the prequalification criteria approved for the transaction. The Financial Adviser subsequently recommended nine applicants for progression to the next stage.
The next phase will give the successful parties access to the Virtual Data Room (VDR), allowing them to conduct detailed buy-side due diligence on GEPCO ahead of the subsequent stages of the privatisation process.
Two applicants dropped out of the race. K-Electric withdrew its EOI, while Al Sharif Contracting & Commercial Development Co. Ltd. failed to submit the documentation required under the Request for Statement of Qualification.
Three major airports also on privatisation radar
The Board simultaneously moved forward with the government’s plans to outsource or concession three major international airports—Lahore, Karachi and Islamabad.
It considered the reconstitution of the Negotiation Committee for the outsourcing/concession of Allama Iqbal International Airport, Jinnah International Airport and Islamabad International Airport, signalling continued movement on a programme aimed at bringing private-sector participation into airport operations.
Government pushes financial-sector deals
The Board also ordered transaction advisers to fast-track the privatisation of House Building Finance Company Limited (HBFCL) and Zarai Taraqiati Bank Limited (ZTBL).
The direction adds two financial institutions to an increasingly broad privatisation pipeline and reflects the government’s effort to maintain momentum across several state-owned entities simultaneously.
The latest decisions indicate that the government is moving from preliminary expressions of interest towards more detailed transaction stages in several major deals.
The Privatisation Commission said the programme would continue to focus on competitive and transparent transactions, with the stated objectives of attracting domestic and foreign investment, improving efficiency and service delivery, and maximising value for the government and the people of Pakistan. Ends
