KARACHI, June 18: The Cabinet Committee on Privatization (CCOP) finally declared on Saturday that the Saudi investors’ group, Kanooz Al Watan, was no more in the run for management and ownership of the Karachi Electric Supply Corporation (KESC) and announced confiscation of its Rs100 million earnest money.

In its meeting in Islamabad, the CCOP decided to approach the second highest bidder, Hasan Associates.

Sources in Islamabad told this reporter by telephone that the Privatization Commission would approach Hasan Associates soon to negotiate the bid price and mode of payment.

Hasan Associates is expected to be given 14 days to deposit 25 per cent of the bid money after the Privatisation Commission issues a letter of acceptance, whereas the remaining amount would be paid within the next 30 days.

The Saudi investors group had offered Rs1.65 a share for acquisition of 73 per cent of the KESC shares in the February 4 privatization. The group, however, failed to deposit even the token bid money during the last four months and a visit by the PC secretary in March to persuade the Saudis proved futile.

“We will consider the offer of the KESC acquisition with a positive approach,” a spokesman for Hasan Associates told this reporter after learning that the PC was expected to approach the group soon.