February 01, 2015 4:50 PM ET

Electric Utilities

Company Overview of Faisalabad Electric Supply Company Limited

Company Overview

Faisalabad Electric Supply Company Limited operates as an electricity distribution and supply company in Pakistan. The company generates power from water and power development authority and serves customers in the central region of Punjab. Faisalabad Electric Supply Company Limited was founded in 1998 and is based in Lahore, Pakistan.

325 Wapda House

Shahrah -e- Quaid -e- Azam

Lahore,  54000

Pakistan

Founded in 1998

Key Executives for Faisalabad Electric Supply Company Limited

Chief Executive Officer
Compensation as of Fiscal Year 2014.

Faisalabad Electric Supply Company Limited Key Developments

Pakistan Government Mulls Privatization Of Pakistan’s Major Companies

The Pakistan government is looking for privatization of major Pakistan Companies. The Pakistan government said two investment bank-led consortia had filed bids in response to the expressions of interest (EOI) sought by the Privatisation Commission (PC) for hiring a financial adviser for facilitating the sale of Pakistan Steel Mills Corporation (PVT) LTD. Mohammad Zubair, Chairman of PC, talking to The Express Tribune confirmed that the commission had received bids from prospective financial advisers, but he did not disclose the number of offers. "Bids will be opened on Tuesday and the financial adviser will be on board next week," Mohammad Zubair said. Its next target is the offer of its remaining 42% stake in the Habib Bank Limited(KASE:HBL). PC expects to receive an estimated $1.36 billion from the sale of HBL shares, which it to complete in April 2015. The government is also looking to sell stakes in National Power Construction Corporation (Pvt) Limited (NPCC) and Heavy Electrical Complex (Pvt.) Ltd. (HEC). These are part of the four transactions that are targeted to be completed in the current year. NPCC is expected to attract a price of $ 19.58 million whereas HEC is valued at $9.8 million. "Due diligence of NPCC, Faisalabad Electricity Supply Company and Pakistan International Airlines Corporation (KASE:PIAA) are in progress," said Asad Rasool, Senior Consultant of PC. The conversion has been done using oana.com on January 17, 2015.

Government Starts With The Privatization Process For Faisalabad Electric, Lahore Electric And Islamabad Electric

The government of Pakistan started with the privatization process for Faisalabad Electric Supply Company Limited, Lahore Electric Supply Company Limited and Islamabad Electric Supply Company Limited. The government would complete privatization of Faisalabad Electric Supply Company Limited (Fesco), Lahore Electric Supply Company Limited (lesco) and Islamabad Electric Supply Company Limited (Iesco) in June 2015, as their privatization process was started in October 2014.

TIP questions Privatization Commission’s Bidding Process

The Transparency International Pakistan (TIP) has raised objections to the bidding process of the Privatization Commission, alleging that ‘Haidermota-BNR’ has been given undue favor for the provision of financial advisory services in several projects with different joint ventures. In the case of PIA, Haidermota BNR participated in the bidding process for procurement of financial advisory services with two joint ventures. It also submitted bids with two joint ventures in Faisalabad Electric Supply Company Limited (Fesco) and bids with three joint ventures in the National Power Construction Corporation (Pvt) Limited (NPCC). Haidermota-BNR has consistently been violating PPRA rules and submitting more than one bid with different joint ventures, it alleged. In a letter to Privatization Commission Chairman Muhammad Zubair, TIP Chairman Sohail Muzaffar said the company should have been debarred by the PC because under the regulations of the Public Procurement Rules 2004 the standard bidding documents did not allow one bidder to participate in more than one joint venture. Both joint ventures as per PPRA rules stand disqualified and should not have been allowed to participate in this as well as in future projects of the PC, according to TIP Chairman. Violating the PPRA rules in “appointment of Financial Advisory Services” by the commission might already have made the entire process of Privatization as non-transparent, as one favored bidder had been awarded four projects in contravention to the rules, he said. “This is to point out that in all joint ventures, all partners have to give commitments that all partners — jointly and severally — will be responsible for performance. A common firm in two joint ventures is also a conflict of interest, and amounts to cartelisation,” Muzaffar said. TIP urged the PC to scrap all the projects involved and restart the process of appointment of consultants in a transparent manner, and in compliance with the PPRA rules, the evaluation criteria should be given in RFP so that firms of integrity should participate, award the contract as per rules and perform on merit and at the most economical cost.

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