ISLAMABAD: The National Power Parks Management Company Ltd (NPPMCL) has received an unprecedented response from a syndicate of local banks for project financing in excess of Rs100 billion, the Privatisation Commission (PC) announced on Monday.

The syndicate comprises conventional and Islamic banks including HBL, Meezan, NBP, Faysal, Alfalah, Bank of Punjab, Bank Islami, Pak Kuwait Investment Company and UBL.

Minister for Privatisation Mohammed Mian Soomro welcomed the prospects and expressed his gratitude to banks for showing willingness to finance the project. “We are heading on the way towards the completion of this landmark transaction within a stipulated time,” he said.

Commenting on the conclusion of the bidding, PC Chairman Saleem Ahmad said, “these indications from local banks not only underscore the depth and liquidity of capital markets in Pakistan but also reinforce the quality of the obligor risk and significance of the power sector.”

He further acknowledged the key importance of efficient capital structure in providing affordable electricity to the consumer as well as enabling sale of the entity to blue-chip investors and operators.

The transaction has been structured and executed by PC, in conjunction with the Ministry of Finance and NPPMCL, without the support of any financial adviser or intermediary saving a significant amount in advisory fees.

Published in Dawn, March 22nd, 2022