Gearing up efforts to privatise Heavy Electrical Complex (HEC), the Privatisation Commission (PC) is ostensibly all set to sale out 88 per cent shares of one of the industrial units of State Engineering Corporation of the country.
HEC located in Hattar Industrial Estate about 65 Km from country’s capital Islamabad engaged in the manufacturing of power transformers of different types will be privatised soon as other country’s assets are available for sale, sources shared, adding, that cash starved incumbent out to collect cash money where from possible only to ensure smooth sailing of its regime.
However, employees of this very unit will get their allocation through allocated shares, sources added.
It is a testimony of the fact that the Privatisation Commission (PC), so far, has received three Expression of Interest (EoI) for the privatisation of 88 per cent shares of Heavy Electrical Corporation (HEC) on, as is where is basis while remaining 12 per cent shares will be allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS).
The Request for Statement of Qualification (RSOQ) has been dispatched to the parties who have submitted EOIs to form the basis of pre-qualification, which will be received latest by July 02, 2011. Information Memorandum, Bid Documents and Time Frame for the Pre-Bid Conference and Bidding Date will be provided to pre-qualified parties only, PC said on Friday.