May 8, 2003	Thursday	Rabi-ul-Awwal 5, 1424

KARACHI, May 7: Karachi Electric Supply Corporation (KESC) will be privatized within three months, Federal Minister for Privatization and Investment, Dr Abdul Hafeez Shaikh said on Wednesday.

“We will announce final date in three or four weeks for inviting interested parties and call the bidding in next 6 weeks,” said the Federal Minister in a press talk after presiding over a meeting of the Pak-Kuwait Investment Board on privatization of KESC.

The minister said the government would be making every effort to complete the privatization process as early as possible and getting rid of the status quo would be very essential to move ahead. The KESC was incurring loss of Rs1.5 billion every month, he pointed out.

He said all the issues hindering the process including legal issues, land ownership dispute between the federal and the provincial governments, claims of banks against KESC property and KESC property valuation would be settled by May 22, 2003.

He said basic idea behind the privatization of the KESC is to provide better service to the utility’s consumers at low rates, specially to encourage industries.—APP