ISLAMABAD: The board of the Privatisation Commission on Tuesday declared five interested parties eligible for participating in the bidding for strategic sale of 88 per cent government shares in the National Power Construction Company.
Headed by Federal Minister for Privatisation Ghous Bux Khan Mahar, the Board endorsed the recommendations of the Transaction Committee of the NPCC and pre-qualified five potential parties for participation in the due diligence and bidding process, said the PC.
Ten parties had initially submitted Expressions of Interest for the transaction at the initial stage while Al-Arab Contracting Company of Saudi Arabia withdrew. The government wants to make strategic sale of 88 per cent of its shares of the NPCC while the remaining 12 per cent shares have been allocated for distribution among employees under Benazir Employees Stock Option Scheme (BESOS). KASB Bank is providing Financial Advisory Services for the transaction.
The pre-qualified parties include three Saudi, one Korean and one Pakistani company. The Saudi companies include Saudi Cable Company, Mansour Al Mosaid Company and Durat Al Masana. The other pre-qualified parties are GS Engineering and Construction Corporation Korea and Consortium of Fatima Trading Company Limited, Fatima Sugar & Pak-Arab Fertilizer, Pakistan.
Per Gola Holding Company, Consortium of Irink tech WLL Bahrain and Messes Tahir, Consortium of Lilley International Pakistan and Consortium of Mishal Sania Private Limited could not pre-qualify for the bidding, said an official of the PC.
The NPCC currently rated amongst top contractors and is a specialist contracting outfit for turnkey management of Power Projects.
The PC Board also decided to fast track the capital market transactions and decided to table the timetable for the Secondary Public Offering of Pakistan Petroleum Limited in the Cabinet Committee on Privatisation. The government wants to off load its 2.5 per cent shareholding in the PPL in the Karachi Stock Exchange and has estimated that it will get $70 million through the transaction. It has 69 per cent stakes in PPL.
In March 2011 the PC Board had finalised a roadmap for 12 capital market transactions to fetch $830 million. So far, no transaction has been completed.
A six member Transaction Committee is in the process of finalising the Secondary Public Offering of Pakistan Petroleum Limited. The committee is headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members and the federal Secretaries Petroleum and Natural Resources, Privatisation, Finance, Chairman SECP and MD PPL as its members.
Published in The Express Tribune, February 1st, 2012.
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Ghous Bux Khan Mahar,well done More loyality, more rewards.Democracy Zinda bad