Privatisation committee approves restructuring of power distribution companies

Deputy Prime Minister Ishaq Dar chaired a meeting of the Cabinet Committee on Privatisation, which approved the restructuring plan for the first-phase power distribution companies (Discos): Fesco, Gepco and Iesco.

According to details, the meeting decided that the assets of the Discos would be transferred to the state-owned Power Holding Company. The restructuring plan will be implemented through a scheme of arrangement.

The meeting was told in a briefing that the scheme of arrangement would be submitted to the Securities and Exchange Commission. Directing swift implementation of the restructuring plan, Deputy Prime Minister Ishaq Dar said privatisation would help improve the services of the Discos and reduce losses.

Federal Minister Awais Leghari, Adviser to the Prime Minister Muhammad Ali and the Minister of State attended the meeting.