Privatisation Commission decides to accelerate Pakistan Petroleum’s second public offering process; five parties pre-qualified for Committee of National Power Construction Company bidding

ISLAMABAD: The Board of Privatisation Commission met here Tuesday under the chairmanship of the Federal Minister for Privatisation Ghous Bux Khan Mahar discussed the time table for Capital Market Transaction, the Secondary Public Offering SPO of Pakistan Petroleum Limited PPL and decided to accelerate the process. The PC Board was updated regarding the transaction.

A six member Transaction Committee, which is in the process of finalizing the Secondary Public Offering SPO of Pakistan Petroleum Limited PPL is headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the Federal Secretaries Petroleum & Natural Resources, Privatisation, Finance, Chairman SECP and MD PPL as its members.

The meeting also reviewed the recommendations for the pre-qualification of the prospective bidders of the Transaction Committee of National Power Construction Company NPCC and pre-qualified five potential parties for participation in the due diligence/bidding process. A number of ten companies submitted Expression of Interest for the transaction at the initial stage.

The pre-qualified parties include three Saudi, one Korean and one Pakistani company i.e. Saudi Cable Company, KSA, Mansour Al Mosaid Co, KSA, Durat Al Masana Est. for Trade, KSA, GS Engineering & Construction Corp, Korea and Consortium of Fatima Trading Company Pvt Ltd, Fatima Sugar & Pak-Arab Fertilizer, Pakistan.

The Financial Advisory consortium comprising the KASB Bank as consortium lead member along with M/s Mohsin Tayebaly and Company Legal Consultants, M/s Riaz Ahmed & Company Chartered Accountants Accounting and Tax Consultants and M/s BARQAAB Consulting Services Pvt. Ltd Technical Consultants is processing the transaction. NPCC currently rated amongst top contractors, is a specialist contracting outfit for turnkey management of Power Projects i.e. Extra High Voltage Transmission Lines, Distribution Networks, Substations, Power Generation Plants, Industrial Electrification, External Lighting of Housing Complexes etc.

While addressing the meeting Ghous Bux Khan Mahar Federal Minister for Privatisation directed the PC to exercise utmost transparency at every phase of the privatisation process of Public Sector Entities for their value addition and to associate all stakeholders for their complete satisfaction in an open and fair manner. The PC board reviewed the implementation status of the decisions taken in the earlier meeting and the progress of other various ongoing and upcoming transactions.

Amjad Ali Khan Secretary Privatisation conducted the meeting while the PC Board members; representatives of PPL, NPCC, SECP, Finance, Petroleum & Natural Resources Divisions and senior officials/ Transaction Mangers of PC attended the meeting.

Leave a Reply