09 June 2004	Wednesday	20 Rabi-us-Saani 1425

ISLAMABAD, June 8: The privatization of KESC is top priority transaction for the government and full support is being extended to all potential bidders with a level-playing field through most transparent process.

This was stated by Privatization and Investment Dr Hafeez Shaikh while chairing the first bidders conference on privatization of Karachi Electric Supply Corporation held here on Tuesday to facilitate the bidders for better understanding of the transaction and privatization process.

The minister directed the officials concerned to consolidate the common concerns of all the potential bidders and take effective and speedy measure to resolve the genuine issues with a targeted approach to bring the transaction to the bidding point.

"The bidders should also join hands to further accelerate the pace of the privatization process of KESC," he added. The KESC managing director made a presentation on the current operations of the corporation and informed the bidders about the efforts undertaken during the past two years for betterment of financial and technical aspects.

Financial advisor, Price water house Cooper, also gave a detailed briefing regarding the proposed transaction structure and the measures for improving the KESC condition.

Representatives of the consortia of three international parties including Independent Power Corporation (IPC), UK, ESKOM South Africa, Integrated Energy Limited (IEL), UK; Kanooz Al Watan for Projects, Saudi Arabia, Siemens; and Ranhill Berhad, Malaysia, ABB, Pakistan, GE International Operation, Al-Bayarak Al-Baida Company, Kuwait, participated in the conference. They have recently completed the initial due diligence of the transaction. -APP