EY-Parthenon Named Financial Adviser for Major Pakistan Airports

In a significant step toward privatizing key national infrastructure, Pakistan's Privatisation Commission board has formally endorsed a financial advisory team to oversee the outsourcing of two major international airports. Reports from Dawn Business state that an EY-Parthenon-led consortium emerged as the top-ranked bidder to manage the transition for Allama Iqbal International Airport in Lahore and Jinnah International Airport in Karachi.

To facilitate the process, the board established a specialized negotiation committee tasked with finalizing the Financial Advisory Services Agreement with the winning consortium. This strategic move aims to leverage private sector management expertise and capital to modernize operations and passenger services across the country's primary commercial aviation hubs.

This decision follows earlier progress on aviation restructuring, which saw the Manila-headquartered Asian Development Bank appointed as the transaction adviser for outsourcing the New Islamabad International Airport last month. The government has been steadily pursuing public-private partnerships across its major transport facilities to optimize state resources.

Beyond the aviation sector, the Privatisation Commission is expanding its restructuring efforts into the power domain. The board reviewed proposals regarding the privatization of two prominent power distribution companies, the Lahore Electric Supply Company and the Multan Electric Power Company, establishing the requirement for financial advisers to oversee these major utility transactions under existing regulatory guidelines.