ISLAMABAD, Nov 1: The federal cabinet on Tuesday ratified the transfer of 73 per cent shares along with management control of Karachi Electric Supply Corporation (KESC) to Hassan Associates and Saudi Al-Jumiah group consortium at a “matched highest bid price” of Rs1.65 per share.

The meeting presided over by Prime Minister Shaukat Aziz also decided to hold meetings with the UAE government after Eid to “try to achieve closure of the PTCL transaction”.

The minister for privatization and investment briefed the cabinet about his meetings with the UAE leadership on Pakistan Telecommunications Company Limited privatization. “As a follow up to the meeting he will meet his counterpart in the UAE immediately after Eid and try to achieve closure of the PTCL transaction,” an official statement said.

The prime minister appreciated the efforts of the Privatization Commission in bringing the success on the landmark KESC transaction. The successful completion of this sale would send a very strong signal to the investor community both at home and abroad, the prime minister observed.

The meeting was informed that total proceeds and injections into KESC will be over Rs20 billion that would lead to better quality of service for the public.