Tuesday, November 29, 2022

Privatisation Commission holds road show for Heavy Industrial Complex

ISLAMABAD: The Privatisation Commission (PC) arranged a road show in Lahore for at least 10 potential investors interested in acquiring the Heavy Electrical Complex (HEC) located in Hattar Industrial Estate, a statement given by the ministry said on Friday.

Federal Minister for Privatisation Mohammadmian Soomro, Secretary Privatisation Commission Hassan Nasir Jamy along with transition advisors attended the road show.

Interested potential investors, including M/s Jaffer Brothers, PEL, Waves Singer Pakistan, IMS / Powerworld, AVS / Tapal, Transfopower, Samira Textile, K-Electric, ATL and Designs and Engineering Systems were briefed about the HEC.

“Four local Investors have already submitted their expression of interest (EOI) whereas some more are expected from local and foreign investors by February 9, 2021 which is the last date for submission of EOIs,” the statement added.

It should be noted that Waves Singer Pakistan expressed its intention to acquire 96.6 percent shares of HEC from the government on Monday.

The potential investors took keen interest in acquiring HEC and asked different questions which were responded to by the PC Team.

Participants of the road show were informed that HEC was the only entity in the public sector, which has the capacity to manufacture 70 heavy power transformers every year for all the DISCOs in Pakistan.

HEC, an entity of the federal government in Haripur, Khyber Pakhtunkhwa, was accessible through Hazara Motorway.

“Ideally located and equipped with all the infrastructure including plant and machinery installed at 43 acres of land with 19 acres extra land available for expansion purposes. HEC also has the potential to make power and transmission transformers for export with the injection of proper capital expenditure and better management,” the statement added.

The federal privatisation minister appreciated and thanked the potential investors for their interest in the transaction, and reaffirmed the commitment of the federal government to reduce the losses of state-owned entities and utilising the national resources for socioeconomic development of the country.

In November last, Cabinet Committee on Privatisation approved the transaction structure for the divestment of 96.6 percent shares of HEC. Privatization Commission is fully geared up for achieving its specified objectives. This was the seventh transaction approved since the start of the privatisation plans adopted in October 2018 and Privatization Commission will be focusing to complete these transactions successfully along with other transactions which are currently in process.

HEC has a high quality power transformer manufacturing facility with an annual production capacity of 3,000 MVA.

Source: The News

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