The Privatisation Commission (PC) has invited expressions of interest (EOIs) from investors, industrial companies and groups for the privatisation of Heavy Electrical Complex (HEC).
The government has planned to sell 88 per cent shares of the company while 12 per cent shares have been allocated to employees under the Benazir Employees Stock Option Scheme (BESOS), says a statement issued by PC on Wednesday.
PC has asked interested parties to submit EOIs by May 20 after which the commission will send Request for Statement of Qualification. The last date for submission of Statement of Qualification is June 11.
HEC is one of the industrial units of the State Engineering Corporation engaged in manufacturing of power transformers of different types. In addition, HEC undertakes repairs and refurbishment of old and damaged power transformers up to 500 KV.
HEC, located in Hattar Industrial Estate about 65km from Islamabad, has six main manufacturing shops namely machine shop, winding shop, insulation shop, core shop, fabrication shop and assembly shop. It has also an oil purification shop and a high-voltage test laboratory equipped with overhead travelling cranes.
Published in The Express Tribune, May 5th, 2011.
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