KARACHI, Pakistan : Pakistan is considering selling stakes in three high performing state-owned power distribution companies through an initial public offering, officials said on Wednesday, as the country looks to resolve financial issues facing the debt-ridden sector.
"Eventually, our way is through privatisation," Secretary of the Power division Rasheed Langrial told journalists in Islamabad, adding that there was"serious thought" for an initial public offering for three companies. He said other state run companies that were making massive losses because of low recovery rates - due to theft and line losses - would need work to become"privatisation ready".The caretaker energy minister Mohammad Ali, said a crackdown will start to stop power theft of 589 billion rupees .