Board allows privatisation of Discos over their 'unsatisfactory performance'

Privatisation Commission Board on Saturday allowed the privatisation of three distribution companies (Discos) out of eleven across the country.

As per the decision made by the board, the financial adviser will be deployed to monitor the process.

“The legal protocols will be completed by January 2025,” it stated.

The decision was taken after the federal government dissolved the boards of six state-run distribution companies on July 24 over their 'unsatisfactory performance' and formed new boards.

The PMLN-led coalition government had constituted a new board for Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (ISCO), Multan Electric Power Company (MAPCO), Lahore Electric Supply Company (LESCO), Peshawar Electric Supply Company (PESCO) and Hazara Electric Supply Company (HESCO).

However, the boards of the other three, including Gujranwala Electric Power Company (GAPCO), Tribal Areas Electric Supply Company (TESCO) and Quetta Electric Supply Company (CASCO) were not dissolved due to the injunction.

The decision was made in a meeting of committee members, and they were also briefed about the developments in Pakistan International Airlines' (PIA) privatisation.

A press release issued after the meeting stated that board members expressed satisfaction with the ongoing process of PIA’s privatisation.

Federal Minister for Privatisation Abdul Aleem Khan asserted the fair privatisation of entities as soon as possible. 

“Privatisation has significant value for the restoration of a sustainable economy, it enhances the chances of strengthening the private organisations by increasing their earning,” the Minister added.

He directed the concerned authority to achieve all targets regarding privatisation within the deadline.

However, the summary approved by the board would be presented to the cabinet committee for privatisation.