Pakistan's Privatisation Commission cleared 10 companies and consortiums Friday to move forward in the bidding process for the Faisalabad Electric Supply Company (Fesco), narrowing the field from a dozen applicants in a key step toward selling off the state-run power distributor. The Privatisation Commission Board approved the prequalified list at its meeting, chaired by Muhammad Ali, the prime minister's adviser on privatization and the commission's chairman. Board members acted on a recommendation from the transaction's financial adviser after reviewing expressions of interest (EoIs) against approved screening criteria.

The qualifying bidders include three Turkish energy firms -- Aktor Elektrik Enerji Yatirimlari San. A.S., Genvera Enerji A.S. and Cengiz Enerji Sanayii Ve Ticaret A.S. -- along with Engro Energy Limited, Sapphire Fibres Limited, Shirazi Investments (Pvt) Limited and Artistic Milliners (Pvt) Limited. Three of the approved bidders are consortiums including Hub Power Holdings Consortium, comprising Lucky Cement, Kohat Cement and Metro Ventures; Maple Leaf Cement Factory Limited Consortium, which includes Kohinoor Textile Mills; and Pakgen Limited Consortium, made up of Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy.

The prequalified parties will next gain access to a virtual data room to conduct detailed due diligence before the transaction proceeds further. The board also reconstituted its Audit and Risk, Human Resources, Investment and Legal committees during the meeting.

In a statement, the commission said it remained committed to a transparent, competitive and professionally managed sale process aimed at maximizing value for the government and the public.