October 18, 2006	Wednesday	Ramazan 24, 1427

ISLAMABAD, Oct 17: The Privatisation Commission has invited expressions of interest from prospective investors for the acquisition of minimum 90 per cent shares of Heavy Electrical Complex (HEC) together with management control on “as is, where is” basis.

According to an official handout, HEC was one of the industrial units of the State Engineering Corporation (SEC) engaged in the manufacturing of power transformers of different types. In addition, the complex undertakes repair and refurbishment of old and damaged power transformers up to 500kv. HEC was incorporated as a private limited company in 1991 and commenced full-scale commercial operations in 1997.

HEC is located at Hattar Industrial Estate about 65km from Islamabad. It is spread over an area of 81.379 acres. A total of 63 acres of land is included in the transaction out of which 20 acres is non-core land for expansion.

HEC has six manufacturing shops -- machine shop, winding shop, insulation shop, core shop, fabrication shop and assembly shop. In addition, it has an oil purification shop, high voltage test laboratory equipped with 250 tons overhead travelling crane.

The complex can diversify its manufacturing range by including other products, such as instrument transformers, high voltage circuit-breakers and other grid stations equipped for meeting demand of the products in domestic and foreign markets. Major clients of HEC products include Wapda, its corporatised entities and KESC.

The interested investors have been asked to submit their EoI latest by November 22, together with a non-refundable processing fee of $5,000 or Rs300,000.

All the parties, on submission of the EoI, would be sent request of statement of qualification for response, which will form the basis of pre-qualification. Information memorandum, bid documents and timeframe for the pre-bid conference and bidding date will be provided to pre-qualified parties only.