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ISLAMABAD:
The privatization of major power sector assets, including two power plants and three electricity distribution companies (DISCOs), along with the sale of a majority stake in Pakistan International Airlines (PIA), moved closer to execution on Thursday as officials briefed a Senate panel on the government’s roadmap and timelines.
The Senate Standing Committee on Privatization, chaired by Senator Afnanullah Khan, was informed that Guddu and Nandipur power plants were fully prepared for privatization while work had also been completed for sale of Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO) in the first phase.
Separately, the secretary of the privatization commission informed the committee about the proposed sale of PIA, stating that between 51 and 100 percent of the shares of the national company would be offered to investors.
He said that during the previous attempt, the prospective investor had also been required to clear liabilities worth Rs 33,000 crore, but this time both the issue of pending dues and taxes had been resolved.
He added that previous delays were due to the IMF’s failure to obtain a timely relief from the general sales tax.
