Heavy Electrical Complex: Expressions of interest for takeover invited

Successful bidders will undertake to continue operations.


Shahbaz Rana August 21, 2011

ISLAMABAD:


The Privatisation Commission on Saturday sought expressions of interest from interested parties for the sale of 96 per cent shares of Heavy Electric Complex.


The Heavy Electrical Complex, one of the industrial units of the State Engineering Corporation, is engaged in the manufacture of power transformers of different types with a total annual capacity 3,000 MVA and a primary voltage rating of 66 and 132 KV. In addition, the HEC undertakes repair and refurbishment of old and damaged power transformers up to 500 KV.

Interested parties have been asked to furnish their EOI no later than October 01, 2011 along with a non-refundable processing fee of $5,000 or 425,000.

The Parties submitting an EOI will only be dispatched a request of statement of qualification document, which shall form the basis of pre-qualification. An early submission of EOI will allow the interested parties maximum time for completion of their Statement of Qualification (SOQ) document, which must be submitted to PC no later than on October 15, 2011. The parties who are interested in the HEC transaction must apply fresh except the parties who have submitted an EOI and subsequent SOQ in response of PC advertisement dated May 05, 12 and 21, 2011.

The successful bidder will continue to operate HEC manufacturing facility. Up to four per cent shares are allocated for employees of the HEC through the Benazir Employees Stock Option Scheme (BESOS).

Published in The Express Tribune, August 21st, 2011.

COMMENTS (1)

Uzair Javaid | 10 years ago | Reply

So a new venture for under-table kickbacks for this incompetent stooge government

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