Islamabad: (RightNow) Applications from three Turkish companies for Gepco’s privatization have been approved. The Privatization Commission Board has pre-qualified 9 companies for the transfer of 51 to 100 percent shares and management control of Gepco.

According to the Privatization Commission, 11 companies submitted applications, out of which 9 were pre-qualified. These include Turkey’s Aktor Electric, Genvera Energy, and Cengiz Energy. Pakistan’s Engro Energy, Hub Power, Sapphire, Shirazi Investments, Artistic Milliners, and AKD Securities are also included.

K-Electric withdrew its application while Al-Sharif Contracting’s application was rejected. The Privatization Commission stated that the pre-qualified companies will soon begin the due diligence process.

This move aims to accelerate the privatization process in Pakistan’s economy. A negotiation committee has also been formed for outsourcing Islamabad, Karachi, and Lahore airports.

It is noteworthy that the Privatization Commission is committed to completing the entire process transparently and competitively. The privatization of the Agricultural Development Bank and House Building Finance Company will also be expedited.