LESCO, MEPCO privatisation on the cards

Privatisation Commission seeks details of distribution companies from Power Division

ISLAMABAD:

Federal government has begun preparations to privatise electricity distribution companies including the Lahore Electric Supply Company (LESCO) and the Multan Electric Power Company (MEPCO).

According to official documents available with Express News, the Privatisation Commission has sought detailed information from the Power Division as part of the process. Following which, MEPCO’s management has started streamlining its balance sheets and off-balance-sheet records.

The Privatisation Commission has asked the Power Division to furnish latest financial audit reports for MEPCO. The company’s officials said the audit is nearing completion.

In addition, the commission has asked for details of immovable properties of power distribution companies listed in “Batch Two,” including their legal status, revenue record, and ownership details.

The Power Division has also been directed to provide a full inventory of assets, their valuation, and information about company shares and property title transfers, which are already under way.

The commission has further sought comprehensive data on employees and pensioners, including the number of regular, contractual, and daily-wage staff, their governing rules and regulations, as well as the total number of retirees and their outstanding dues.

Moreover, the commission wants details of liabilities on each distribution company and the amount of receivables due from consumers and other stakeholders.

The official documents also mentioned that the Power Division has already initiated the process for the transfer of distribution companies’ shares and properties titles.