Financial adviser appointed for outsourcing Lahore, Karachi airports

The government has taken another step towards handing over the operations of Lahore and Karachi airports to private operators, with the Privatisation Commission approving a financial advisory firm for the process on Tuesday.

The commission’s board selected a consortium as the top-ranked party for the assignment involving Allama Iqbal International Airport in Lahore and Jinnah International Airport in Karachi.

A committee has now been formed to negotiate and complete the Financial Advisory Services Agreement with the consortium.

The board also moved forward with plans to privatise two power distribution companies — Lahore Electric Supply Company (Lesco) and Multan Electric Power Company (Mepco).

Both companies belong to the fourth group of distribution companies that the government has included in its privatisation programme. The first three groups are already at different stages of the process.

The commission will now start the procedure for hiring financial advisers for Lesco and Mepco.

Meanwhile, the Asian Development Bank was selected last month to provide financial and transaction advisory services for the planned outsourcing of New Islamabad International Airport.