April 17, 2008	Thursday	Rabi-us-Sani 10, 1429

ISLAMABAD, April 16: The Privatisation Commission on Wednesday extended the date for submission of expressions of interest till May 5 to acquire 51 per cent shares of the National Power Construction Company (NPCC) with management control.

The decision has been taken owing to increasing interest of the parties in the transaction and to provide maximum opportunity to investors in the field, according to the commission.

Earlier, last date for submission of expressions and statement of qualification was Aug 30, 2007.

Those who had earlier submitted their expressions and statement of qualifications and had joined the due diligence process need not apply afresh. However, they would have to reaffirm their continued interest in the transaction, and provide updated financial and other information as required under the Request for Statement of Qualification (RSoQ) document, according to a PC announcement.

The NPCC is a specialist contracting company of Pakistan for construction and management of turnkey power projects, including extra-high voltage transmission lines, distribution networks, substations, power generation plants, industrial electrification and external lighting of housing complexes.

Company’s major area of operation during the last three decades had been in the Middle East, with concentration in Saudi Arabia.

The NPCC has successfully secured and completed projects valuing over $650 million.

The PC has asked prospective investors engaged in engineering construction to submit expressions of interest, providing information, such as name of company, nature of business together with copies of ‘constitutive’ documents, proof of net worth of Rs300 million as per audited financial statements.

They should also provide information about their contracting business, preferably installation of extra-high voltage transmission lines to demonstrate their ability to own, efficiently manage and operate the company after winning the deal.

The PC has also asked the potential buyers to provide duly certified copies of their businesses by chartered accountants firms for the latest year but not earlier than June 2007, list of director(s), with copies of Computerised National Identity Card, name, address, telephone, mobile, fax, email of the focal person to be contacted, pending threatened litigation(s) against the company and the director(s).

In the event of a consortium, a consortium agreement would have to be submitted identifying the lead bidder (a company) and setting forth obligation inter-se of consortium members.

The winning consortium would have to enter into legally bound inter-company agreements.

The investors have been asked to submit expressions of interest in duplicate, together with a non-refundable processing fee of $1,000 or Rs63,000 payable in the form of a bank draft(s) or pay order in favour of Government of Pakistan to reach the PC by May 5.