Islamabad
Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar chaired a meeting of the Cabinet Committee on Privatisation (CCoP) today, which approved the Restructuring Plan for Batch-I Distribution Companies (DISCOs), comprising FESCO, GEPCO and IESCO.
Under the approved plan, the land assets of the DISCOs will be carved out and transferred to the government-owned Power Holding Company, which will serve as a holding company.
Deputy Prime Minister and Foreign Minister Ishaq Dar directed the relevant authorities to ensure expeditious implementation of the restructuring plan. He emphasised that the government’s privatisation initiative would help improve the quality of services provided by DISCOs and reduce their operational losses.
The restructuring plan will be implemented through a Scheme of Arrangement (SoA), which will be filed with the Securities and Exchange Commission of Pakistan (SECP).
Federal Minister for Power Sardar Awais Ahmad Khan Leghari, Federal Minister for Finance Muhammad Aurangzeb, Adviser to the Prime Minister on Privatisation Muhammad Ali, Minister of State for Finance and Railways, SAPM Tariq Bajwa, Secretary Power, Secretary Privatisation Commission, Secretary Privatisation, Secretary Commerce, Secretary Economic Affairs Division and senior officials from the Ministry of Finance, FBR and other relevant departments attended the meeting.
