DPM Dar directs implementation of restructuring plan for DISCOs

Islamabad (Web Desk): Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Saturday presided over a session of the Cabinet Committee on Privatisation (CCoP), where members gave the go-ahead to a restructuring framework for the first group of distribution companies.

The restructuring initiative covers Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO). As part of the arrangement, the land holdings of these DISCOs will be separated from their existing structure and transferred to the state-owned Power Holding Company, which will function as the holding entity.

DPM Dar called for the restructuring process to be carried out without delay, saying the government’s privatisation programme is intended to enhance the standard of electricity distribution services while bringing down the losses incurred by the DISCOs.

The approved framework will be executed under a Scheme of Arrangement (SoA), which will subsequently be submitted to the Securities and Exchange Commission of Pakistan (SECP) for the required process.

The meeting was attended by Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Prime Minister’s Adviser on Privatisation Muhammad Ali, Minister of State for Finance and Railways, SAPM Tariq Bajwa, Secretary Power, Secretary Privatisation Commission, Secretary Privatisation and Secretary Economic Affairs Division.

Senior representatives from the Ministry of Finance, Federal Board of Revenue (FBR) and other concerned departments also participated in the meeting.