July 13, 2014 11:17 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 To Privatize Hesco, Fesco, Muzaffargarh And Lakhra Power Project

The first phase of the planned privatisation of state-owned enterprises in Pakistan will include power firms - two generation companies and as many distribution companies. A top federal water and power ministry official informed a panel of senators last week that the central committee on privatisation had approved the plan to put Faisalabad Electric Supply Company Limited (Fesco), Hyderabad Electric Supply Company Ltd. (Fesco) and Muzaffargarh Thermal Power Station and the Lakhra Power Project of Muzaffargarh Power Company and Lakhra Power Generation Company Limited repectivey on market along with 27 other SOEs to be sold over the next 18 months. The remaining power companies will be sold later on. The successful auction of these power companies will kick-start the complete deregulation of the country's collapsing power sector over the next several years.

Pakistan's Cabinet Committee Clears Privatization Plan For 31 Companies

The government decided in the Cabinet Committee on Privatization to direct the Privatisation Commission to immediately initiate the process for sale of 31 public sector entities (PSEs) through initial and secondary public offering and transfer of 26% along with management control, to the private sector. The statement said, "After thorough deliberations, the committee agreed to initiate the process of privatization and directed the commission to ensure that the interests of employees were to be protected at all cost. Most of the PSEs will be offered to the private sector through strategic divestment, including up to 26% stakes along with management control, while shares of other companies will be offloaded through public offering." The companies include Pakistan Petroleum Ltd. (KASE:PPL), Pak Arab Refinery Limited, Pakistan State Oil Company Limited (KASE:PSO), Sui Southern Gas Co., Ltd. (KASE:SSGC), Sui Northern Gas Pipelines Ltd. (KASE:SNGP), Pakistan International Airlines Corporation (KASE:PIAA), Pakistan Railways, Gujranwala Electric Supply Company Limited, Lahore Electric Supply Company Limited, Islamabad Electric Supply Company Limited, Faisalabad Electric Supply Company Limited, National Power Construction Corporation (Pvt) Limited, Pakistan National Shipping Corp. (KASE:PNSC), Pakistan Steel Mills Corporation (Pvt.) Ltd., Roosevelt Hotel Corporation NV, Oil and Gas Development Co., Ltd. (KASE:OGDC) and Northern Power Generation Company Limited.

CCoP To Announce New Menu Of Privatization

The current PPP government decided to take Pakistan Steel Mills and PIA off the privatization. The Cabinet Committee on Privatization (CCoP) approved a new menu of privatization based on public private partnership (PPP) with transfer of management control and 26% shares of 21 state owned enterprises (SOEs).The new policy also envisages transfer of 12% shares of all SOEs to the workers of these entities. CCoP has not fixed any timelines or targets for the completion of privatization process of the said SOEs and these would be taken to market when feasible. According to the Minister for Privatization, CCoP has approved privatization of four electric supply companies Faisalabad Electric Supply Company Limited, Quetta Electric Supply Company Ltd., Hyderabad Electric Supply Company Ltd. and Peshawar Electric Supply Company Limited. Besides, National Insurance Company Limited, Pakistan Reinsurance Company Ltd. (KASE:PAKRI) and State Life Insurance Corporation of Pakistan Ltd will also be privatized. The approval has also been granted to the privatization of SME Bank Ltd., National Power Construction Corporation (Pvt) Limited, Pakistan Railways, Heavy Electrical Complex (Pvt.) Ltd., Pakistan Machine Tool Factory (Pvt) Ltd., The Pakistan Tourism Development Corporation, Utility Stores Corporation of Pakistan, Pakistan Post Office Department and Kot Addu Power Co. Ltd. (KASE:KAPCO). Similarly, Privatization of Pakistan Post would be based on PPP model and this important organization would be converted into a Post Office Bank after privatization. The Cabinet Committee on Privatization (CCoP) approved leasing out of Thermal Power Stations of Jamshoro Power Company Limited.

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