KARACHI: Prominent International fiscal institutions have expressed interest for a role in Pakistan’s biggest privatization in over a decade, Bloomberg said in a report.
The privatization could generate around two billion dollars, citing the people with knowledge of the matter, the magazine’s report said.
JPMorgan Chase & Co., CLSA and Credit Suisse Group AG are reportedly among foreign banks pitching for an advisory role in the government’s sale of two state-owned LNG-fired power plants.
Pakistan is selling state firm National Power Parks Management Co, that owns the 1,230-megawatt Haveli Bahadur Shah plant and the 1,223-megawatt Balloki plant in Punjab.
According to the report Pakistan has received about 10 bids from groups seeking a financial advisory role.
Citigroup Inc. and Standard Chartered Plc made their separate proposals, while Lazard Ltd. is pitching with Pakistani brokerage house. Pak Brunei Investment Co. is also pitching for a role on the power plant divestment.
The government sources said it aims to complete the privatization of the power plants in the financial year ending on June 30.
The sale would be Pakistan’s largest privatization deal since 2006, when Emirates Telecommunications Group bought $2.6 billion stake in Pakistan Telecommunication Co.
The sale would rank as Pakistan’s largest privatization in the energy sector.
