KARACHI, Aug 30: The Cabinet Committee on Privatization (CCoP) is meeting on Thursday to decide on the divesture of 73 per cent shares of the Karachi Electric Supply Corporation (KESC) to the Riyadh based Aljamaih Holding Company, which joined Hassan Associates as the new partners.

Hassan Associates was the second highest bidder in the privatization auction of the KESC on February 4 this year and has been given the opportunity to match the highest bid of Rs1.65 a share amounting to Rs20.24 billion after the Saudi investors group, Kanooz Alwatan, back out from its offer.

“Ring me up on Thursday evening,” Privatization Minister Dr Hafeez Sheikh responded when asked to hint at the direction of the negotiations that the Privatization Commission had on Tuesday with the investors group that is now being led by the Aljamaih Holding Company with Hassan Associates as the small equity partner and Siemens as the Operator and Management partner.

The Privatization Commission discussed on Tuesday the modalities and the issues involved in the payment of bid money and all maters related to the disinvestment of the utility.

The Secretary of the Privatization Commission, Tehseen Iqbal, who was involved in the KESC disinvestment discussions on Tuesday refused to talk to Dawn on the issue. But Dr Hafeez Sheikh said that the Board of the Privatization Commission was meeting on Wednesday to discuss the outcome of its deliberations with the investors’ group.

On Thursday, the CCoP will discuss the report of the PC Board to take a final decision.