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Plan to sell 51pc shares of NPCC approved

November 27, 2008

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ISLAMABAD, Nov 26: The board of Privatisation Commission (PC) on Wednesday approved a plan for holding an open bidding for the acquisition 51 per cent shares of National Power Construction Company (NPCC).

The meeting chaired by Federal Minister for Privatisation Syed Naveed Qamar gave the go-ahead for the bidding of NPCC together with management control on “as is where is” basis.

An official statement issued here said the PC board also formulated its recommendations for the approval of the Cabinet Committee on Privatisation (CCoP) prior to announcing the bidding schedule for NPCC.

The parties pre-qualified for taking part in the bidding of the NPCC include Pak Elektron Limited (PEL), ICC (Pvt) Limited, Al-Tuwairqi Steel Mills, Karachi, Saudi Cable Company Limited, KSA, JS PE Management, Karachi, Alfanar Construction Company, KSA and Zad Investment Company.

The meeting was informed that the signing ceremony for the share purchase agreement of Hazara Phosphate Fertilisers (Pvt) Limited (HPFL) is being scheduled for Nov 28 at the Privatisation Commission secretariat after receiving the remaining payment and it will be handed over to the successful buyer.

The meeting also reviewed the status and progress of various ongoing and upcoming transactions.