Cabinet Committee on Privatization approves divestment of Government of Pakistan shares in National Power Construction Corporation

Islamabad, August 11, 2015 (PPI-OT): The Cabinet Committee on Privatizations in its meeting chaired by Finance Minister, Senator Mohammad Ishaq Dar here Tuesday evening, with consensus, approved divestment of 88% GoP shares in the National Power Construction Corporation (NPCC).

Chairman Privatization Commission (PC), Mohammad Zubair briefed the chair about the bidding process. He said that out of the three qualified bidders, M/s Mansour Al Mosaid Company of Saudi Arabia submitted the highest bid of Rs. 1420 per share which is 26.9 % higher than the CCOP approved Reference Price of Rs.1119/- per share and for 88% GoP shares (1760,000 Nos) of NPCC, the total thus comes up to Rs. 2,499,200,000/-.(Rs 2.4992 billion).

The other two bidders i.e consortium of Ms Habib Rafiq Ltd and M/s Frontier Works Organization, Pakistan, and Consortium of M/s Zahir Khan Brothers and M/s Reliable Engineers Services(Pvt) Led Pakistan offered Rs. 925/- and Rs. 344.50 per share respectively. Chairman PC further said that the PC Board in its meeting had approved the highest bid. CCOP accordingly gave approval for the divestment of GoP shares in NPCC to M/s Mansour Al Mosaid Company, being the highest bidder.

The bidding, it may be added was held Tuesday morning in the presence of representatives of bidders at Serena, Islamabad and was chaired by Chairman Privatization Commission. A large number of print and electronic media representatives and other stake holders were also present.

Finance Minister, Senator Mohammad Ishaq Dar congratulated the Chairman PC and all the members of his team for conducting the whole process fully in accordance with the laid out rules and procedures. He also appreciated the NPCC officials for according full cooperation to the PC for carrying out the divestment process. Federal Minister for P and NR, Minister for Port and Shipping Kamran Michael and other senior officials from various ministries attended the meeting.

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