Top foreign banks bid for role in sale of two LNG plants

Published February 15, 2019
The government’s sale of two LNG-fired power plants can draw interest from Chinese and Middle Eastern investors.— AFP/File
The government’s sale of two LNG-fired power plants can draw interest from Chinese and Middle Eastern investors.— AFP/File

KARACHI: JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are pitching for a role on Pakistan’s biggest privatisation in a decade, expected to raise around $2 billion, according to a Bloomberg report.

Citigroup Inc and Standard Chartered Plc made their own separate proposals, while Lazard Ltd is pitching with Pakistani brokerage Next Capital Ltd.

According to experts privy to the deal, the government’s sale of two LNG-fired power plants could draw interest from Chinese and Middle Eastern investors. Pakistan has received about 10 bids from groups seeking a financial advisory role and expects to pick banks by the end of March.

“The sale will bring in much-needed foreign currency into the country, complementing foreign government loans and a likely IMF bailout package,” said Arif Rafiq, an analyst at the Washington-based Middle East Institute.

The report goes on to say that a representative for the Pakistan’s Privatisation Commission said the government has no comment. Representatives for CICC, Citigroup, CLSA, Credit Suisse, JPMorgan, Standard Chartered, Elixir Securities and Next Capital have also declined to comment. Representatives for Lazard, Bank Alfalah, Pak Brunei and Zeeruk also did not immediately respond to queries.

Published in Dawn, February 15th, 2019

Opinion

Are we failures?
27 Feb 2021

Are we failures?

Third World leaders emulated their erstwhile oppressors...
Rage of Caliban
27 Feb 2021

Rage of Caliban

Lawyers have shown that the fraternity abides by tribalistic values...
Combating pollution
26 Feb 2021

Combating pollution

Air quality is at hazardous levels, and a more robust policy response is needed.

Editorial

LoC ceasefire
Updated 27 Feb 2021

LoC ceasefire

THE Pakistan-India relationship is known for its complexity and bitterness, but there are times when surprises of a...
27 Feb 2021

Null and void

HAD people not lost their lives, the ham-fisted attempt at rigging the Daska by-election on Feb 19 could have been...
27 Feb 2021

Minister’s non-appearance

FEDERAL Water Resources Minister Faisal Vawda’s continued absence from the Election Commission’s hearing on the...
Terrorist’s escape
Updated 26 Feb 2021

Terrorist’s escape

It is not clear how many military personnel were involved in this incident and what the investigation into their actions revealed.
26 Feb 2021

Penalising filers

THE FBR has decided to penalise taxpayers filing their returns late. Apparently, these filers will be required to ...
26 Feb 2021

Corporal punishment

FOR a child born in our society, the cycle of violence begins early. The first taste of violence often comes at the...