Karachi: The Privatisation Commission (PC) has extended the date to sell 88 percent stake in Heavy Electrical Corporation (HEC) till July 2 in order to respond to the interest of the prospective parties and to have more competition through maximum participation, a statement said on Tuesday.
The PC has extended the dates for receiving the expressions of interest (EoIs) and statements of qualification (SoQs) for the privatisation of HEC.
The PC has asked the interested parties that the statements of qualification must be submitted to the PC by July 2.
Information memorandum, bid documents and the timeframe for the pre-bid conference and bidding date will be provided to the pre-qualified parties only.
The successful bidder will continue to operate the company’s manufacturing facility. However, 12 percent shares are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS), it said.
HEC is one of the industrial units of State Engineering Corporation engaged in the manufacturing of power transformers of various types (total annual capacity 3,000MVA) with primary voltage rating of 66kV and 132kV. In addition, the HEC undertakes repairs and refurbishment of old and damaged power transformers up to 500kV.
It was incorporated as a private limited company in 1991 and commenced commercial operations in 1997. The HEC is located in Hattar Industrial Estate, around 65km from Islamabad.
It has six main manufacturing shops, machine shop, winding shop, insulation shop, core shop, fabrication shop and assembly shop.
In addition, the HEC has an oil purification shop and a high voltage test laboratory equipped with overhead travelling cranes.
It can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid stations equipment for meeting the demand of the products in domestic and foreign markets.