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| 05 February 2005 | Saturday | 25 Zilhaj 1425 |
KESC sold to Saudi group
ISLAMABAD: A consortium comprising Saudi Kanooz Group and Siemens Pakistan on Friday offered the highest bid of Rs15.85 billion for 9.7 billion ordinary shares of the Karachi Electric Supply Corporation (KESC).
The consortium that offered Rs1.65 per share for the KESC's 73 per cent ordinary shares was declared successful to take over the utility's management.
The Privatization Commission Board which met soon after the bidding worked out the total bid price at Rs20.24 billion for the 73pc shares. The buyer is required to inject another Rs4.3 billion as preference share price.
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