ISLAMABAD: The Pri­va­t­isation Commission annou­nced on Wednesday that the earnest money of Rs50 million for the transaction of Heavy Electric Complex (HEC) has been approved and accepted by the bidders.

At the pre-bid meeting a detailed presentation was made to the four pre-qualified bidders for the HEC transaction, the commission said in a press release.

Chairing the meeting, Minister for Privatisation Mohammadmian Soomro said the commission is resolving the pending matters relating to the transaction completion along with facilitating potential investors. He said the transaction of complex is expected to be completed shortly. The meeting was informed that upon the request of bidders, revised instructions to ITB, Share Purchase Agreement (SPA) documents have been shared. The latest audited accounts of HEC have also been shared with the bidders.

The meeting was informed that Khyber Pakhtunkhwa Economic Zones Development and Management Company will facilitate the lease transfer to the new buyer and a letter of comfort has also been issued to the company regarding outstanding liabilities.

On bidders’ question regarding in-hand orders, Mr Soomro said the matter has already been communicated to ECC and it will be resolved before the bidding date. He said the ministries of industries and production, power and privatisation are in close liaison to resolve all matters of HEC related to land transfer, in-hand orders and liabilities towards the company before the final bidding.

Published in Dawn, December 2nd, 2021