Islamabad, September 17, 2026: The National Assembly Standing Committee on Privatisation reviewed progress on the proposed privatisation of power distribution companies (DISCOs) and Pakistan International Airlines Corporation Limited (PIACL), while also discussing delayed maturity claims of Postal Life Insurance policyholders.
The meeting, chaired by MNA Muhammad Farooq Sattar at Parliament House, was briefed on the ongoing DISCO privatisation process.
The committee was informed that Alvarez & Marsal, financial adviser to the Privatisation Commission, had completed due diligence, after which the restructuring plan and transaction structure were approved by the Privatisation Commission Board and the Cabinet Committee on Privatisation.
Under the approved structure, between 51% and 100% shareholding, along with management control, of each DISCO is proposed to be divested.
Officials said the expression of interest (EOI) process had been completed, with 10 parties pre-qualified for FESCO, while 11 EOIs/statements of qualification were under evaluation for GEPCO. The IESCO process was completed on September 7, 2026.
The committee stressed the need for a transparent, competitive and market-based process, along with appropriate valuation and reserve prices. It also called for effective post-privatisation regulation, NEPRA oversight and periodic financial and performance audits.
Reviewing the privatisation of PIACL, the committee was informed that bidding for a 75% equity stake was held on December 23, 2025. The Arif Habib-led consortium submitted the highest bid of Rs135 billion against a reference price of Rs100 billion.
Transaction documents were executed on January 29, 2026, while First Completion was achieved on June 29, resulting in the transfer of management control.
The committee was informed that the successful bidder had conveyed its intention to exercise the call option for the remaining 25% stake, subject to contractual requirements and Second Completion.
The committee emphasised continued regulatory oversight, service quality and compliance with applicable aviation laws and international standards.
The meeting also reviewed outstanding policyholders’ claims of Postal Life Insurance Corporation Limited (PLICL). Officials said liabilities up to June 2026 stood at Rs15.5 billion, covering approximately 55,450 claims.
Against an additional funding requirement of Rs8.455 billion, only Rs3 billion had been released, leaving a substantial backlog.
The committee directed the relevant authorities to consider additional funding through a supplementary grant in December 2026 to facilitate settlement of the maximum possible number of outstanding claims, particularly those involving vulnerable policyholders.
Members Abdul Qadir Khan, Saba Sadiq, Sehar Kamran, Natasha Daultana, Maulana Abdul Ghafoor Haideri and Arshad Abdullah Vohra attended the meeting.
The Secretary, Ministry of Privatisation/Privatisation Commission, along with senior officials of the Ministry of Finance and PLICL, also participated in the meeting.
