December 25, 2014 6:32 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

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.

Islamabad Approves Plan To Sell 16 Entities To Raise $2 Billion

The Board of Privatisation Commission (PC) has approved an ambitious agenda of privatising about sixteen entities during the current fiscal year to raise $2 billion besides allowing the PC to hire services of four consortiums as financial advisers (FA) to complete as many transactions. Among the sixteen, the most significant transaction will be of Pakistan International Airlines Corporation (KASE:PIAA) (PIA) and the PC Board has picked a consortium led by Dubai Islamic Bank P.J.S.C (DFM:DIB) (DIB) to complete the transaction by June 2015. Five international consortiums had shown interest to become the FA for selling a minimum of 26% government stake in PIA. The consortium that emerged victorious is made up of the DIB, IATA Aviation Consulting Services (IATA Consulting), Deloitte Touche Tohmatsu (Deloitte), Haidermota BNR & Co, Freshfields Bruckhaus Deringer LLP, Abacus Consulting, APCO and Prestige. The board also approved to hire financial advisors for National Power Construction Corporation (Pvt) Limited (NPCC), Northern Power Generation Company Limited (NPGCL) and Faisalabad Electric Supply Company Limited (Fesco). The government will sell the strategic assets of these companies. For NPCC, the consortium comprising KASB Bank Limited (KASB), HMCO and Deloitte obtained the highest scores of 95.19 and was picked by the PC Board to perform the task. The government plans to complete the transaction by end of 2014. For selling Fesco the consortium comprising United Bank Ltd. (UBL), Ernst & Young LLP, Lahmeyer, HMCO and BN and R and Excelerate got the maximum points of 99.75 and were appointed as the financial advisor. The deadline for privatising Fesco is May 2015. However, it is subject to resolution of outstanding issues, particularly post-privatisation regulatory framework. The PC Board also hired the FA for the restructuring and privatisation of 1,350 megawatts thermal power station being run by Northern Power Generation Company Limited (NPGCL). The UBL-led consortium that has been picked for Fesco will also be the FA for NPGCL.

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