ISLAMABAD - To streamline and accelerate the privatisation of the state owned power distribution companies (Discos), the federal government has directed all the companies to furnish the record of immovable properties, assets, employees/pensioners.
In a letter addressed to the chief executive officers of all Discos, the Power Division has asked for the compilation of preliminary information for privatization of Discos by today (Thursday), official source told The Nation. The letter asked for the updated latest audited financial statements of DISCOs preferably period ending June 30, 2024. Also, with respect to GEPCO, FESCO & IESCO, it may be ensured that their audited accounts for September 30, 2024 are approved by November 15, 2024 to ensure that latest accounts are available to the financial adviser for due diligence. The letter sought financial structure including net equity, liabilities, P&L of the DISCO for last five years. It also demanded provision of list of outstanding issues in compliance with any law/regulatory requirements, the letter asked. Updated details of immovable properties of the DISCO with legal position of title should also be provided, it said.
It is also requested that confirmation of availability of the following information in hard/soft copy may also be provided by August 29, 2024: All regulatory & legal frameworks applicable to DISCOs and updated details of immovable properties of the DISCO with legal position of title and possession and encumbrance over it including mutation in the revenue record. Updated inventorization of assets including all details for plant/machinery, vehicles and other valuable assets of the DISCO along with their current condition should be furnished to the Power Division, the letter requested. Details of HR on regular, contract or daily wages along with relevant rules/regulations and salary packages along with pensioners and pensioner’s liabilities should be provided. Director General (Finance) PPMC and G.M (TS), PPMC are requested to coordinate with DISCOs and ensure that the information and the written and signed confirmation of availability of information are furnished to Power Division by August 29, without any delay.
