Pakistan, Aug. 28 -- The Privatisation Commission Board has approved 10 bidders for the privatisation of Faisalabad Electric Supply Company (Fesco). The board approved the bidders after reviewing 12 expressions of interest. However, K-Electric withdrew its application during the process. Meanwhile, a Chinese company failed to meet the prequalification requirements. The decision came during a board meeting chaired by Privatisation Commission Chairman Muhammad Ali. The approved bidders will now enter the next stage of the transaction. They will receive access to Fesco's Virtual Data Room for detailed due diligence.

K-Electric withdrew its application because it could not provide its financial statements for the required period. The company...