Government of Pakistan
Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation
(Privatisation Commission)
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Subject:          Evaluation Report for Procurement of Financial Advisory Services for the Privatisation of Faisalabad Electric Supply Company (FESCO)

Privatisation Commission, vide its advertisement dated June 07, 2014, invited Expressions of Interest (EOI) for the appointment of Financial Advisor for the divestment of Government of Pakistan (GOP) shares in FESCO from the Interested Parties (IPs), having demonstrable track record of successfully managing sector related transactions. Following five consortia expressed their interest and submitted Technical and Financial Proposals by the due date of July 09, 2014:

S. No. Consortium/Interested Parties (IPs)
United Bank Limited (UBL), Ernst & Young Ford Rhodes Sidat Hyder (EY), Lahmeyer International GmbH (Lahmeyer),
HaidermotaBNR & Co. (HMCO) & Bhandari, Naqvi & Riaz (BN&R) and Excelerate Private Limited (Excelerate)
JS Bank Limited, Burj Capital Pakistan Private Limited (Burj), Fieldstone Private Capital Group (FS), South Africa,
JS Global Capital Limited, Yousuf Adil Saleem & Co. CA, member of Deloitte Touche Tohmatsu Ltd., (Deloitte),
O&M Solutions, Artelia, CMC and RIAA Law
BMA Capital Management Limited (BMA), China Development Bank Securities Co. Ltd. (CDB Securities),
Pak China Investment Company Limited (PCICL), AF Mercados EMI (Mercados), Hagler Bailly Pakistan
(Pvt.), Ltd. (Hagler Bailly), KPMG Taseer Hadi & Co. Chartered Accountants (KPMG) and Orr Dignam & Co. (Orr Dignam)
Grant Thornton Consulting (Pvt) Ltd. (GTCPL), Pak Oman Investment Company Ltd. (Pak Oman),
HaidermotaBNR & Co. (HMCO) & In Consult (Pvt.) Ltd. and Anjum Asim Shahid Rehman Chartered Accountants (AASR)
M/s Al Mal Capital, UAE, KPMG Taseer Hadi & Co. Chartered Accountants (KPMG), RIAA Law,
MEConsult, MIAMC and Centurion Holdings

3          Above mentioned IPs were evaluated on the basis of pre-defined and approved technical evaluation criteria and Privatisation Commission (Hiring of Financial Advisors) Regulations 2007. Following IPs obtained 70 points or above in technical evaluation and were deemed pre-qualified:

S. No. Consortium/ Interested Parties (IPs)
BMA, CDB Securities, PCICL, Mercados, Hagler Bailly, KPMG and Orr Dignam
UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate
JS Bank Burj, FS, JS Global, Deloitte, O&M, Artelia, CMC and RIAA Law

4          Subsequently, Financial Bids of pre-qualified IPs were opened on July 17, 2014 by the Secretary ,PC in the presence of the authorized representatives of IPs. Summary of the cumulative final score based on technical and financial evaluation is tabulated below:

 Sr. # Consortium / Interested Party Final Score Ranking
UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate 99.75 1
BMA, CDB Securities, PCICL, Mercados, Hagler Bailly, KPMG and Orr Dignam 92.50 2
JS Bank, Burj, FS, JS Global, Deloitte, O&M, Artelia, CMC and RIAA Law 91.73 3

5.         Foregoing in view, PC Board in its meeting held on July 22, 2014 approved the appointment of Top Ranked IP i.e. consortium of UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate.