ISLAMABAD: The Privatisation Commission announced on Tuesday that five companies have met the eligibility criterion for participation in the bidding process for National Power Construction Company (NPCC).

The signing of the ‘Non-disclosure Confidentiality Agreement’ by the five companies has now paved the way to start due-diligence of the transaction of NPCC next month.

The Board of Privatisation Commission which met here on Tuesday was informed about the new developments in NPCC transaction. Minister for Privatisation Ghaus Bux Mahar chaired the meeting of the PC Board along with Minister of State for Privatisation Rana Asif Tauseef.

The companies pre-qualified for NPCC privatisation include Saudi Cable Company; Mansour Al-Mosaid Co. of Saudi Arabia; GS Engineering and Construction Corp. of South Korea; Consortium of Fatima Trading Company; Fatima Sugar and Pak-ArabFertilisers; Pakistan and Durat Al-Masana Establishment for Trade, Saudi Arabia.

These companies will start due-diligence of NPCC next month. NPCC is currently rated amongst top contractors, is a specialist contracting outfit for turnkey management of power projects including extra high voltage transmission lines, distribution networks, substations, power generation plants, industrial electrification, and external lighting of housing complexes.

Discussing the launch of the Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL), the PC Board was informed that the marketing and book building process would be initiated after the finalisation of transaction structure by PC Board and the Cabinet Committee on Privatisation meetings.