ISLAMABAD: The Priva­t­i­sation Commission (PC) on Friday announced on Friday that nearly a dozen potential investors have exp­r­e­ssed int­e­r­est in acquiring the Heavy Electrical Complex (HEC) — the only public sector entity which has the capacity to produce 70 hea­vy power transformers eve­ry year for all power distributing companies in the country.

Four local investors have already submitted their exp­r­ession of interest (EoI) whe­r­eas some more are expected from local and foreign investors by Feb 9, which is the last date for submission.

At a roadshow held in Lah­ore on Thursday, potential investors sought details of the government offer in resp­ect of HEC. A team of the PC led by Minister for Privat­isation Muhamm­adm­ian So­o­mro responded to the inquiries of potential investors.

Secretary PC Hassan Nasir Jamy along with transaction advisers attended the road show.

So far, Waves Singer, PEL, Samira Textiles and IMS have submitted EOIs.

On Feb 2, Waves Singer said in a statement that its Board of Directors have approved submission of an EOI for the acquisition of 96.6 per cent shares of HEC from the government of Pakistan by way of privatisation process.

Other investor that have shown interest in the HEC include Jaffer Brothers, Powe­­r­world, AVS/Tapal, Trans­fopower Ltd, K-Electric, ATL and Designs & Engin­eering Systems. These companies were briefed about the details of heavy electrical complex during the roadshow.

Ideally located and equipped with all the infrastructure including plant and machinery installed at 43 acres of land with an additional 10 acres of land available for expansion purposes. HEC also has the potential to make power and transmission transformers for export with the injection of proper capital expenditure and better management. The plant has the capacity in manufacturing of power transformers of 132KV and 66KV with the annual designed capacity of 3,000MVA.

Mr Soomro conveyed appreciation and thanked the potential investors for their interest in the transaction and reaffirmed the commitment of the federal government to reduce the losses of State owned entities and utilising the national resources for socio economic development of the country.

The government intends to complete the privatisation of HEC by June this year. The transaction structure of the complex has already been approved by the Board of Privatisation Commission and the Cab­inet Committee on Privat­isation (CCoP).

Published in Dawn, February 6th, 2021