An agreement to acquire 35 percent sponsor shares and full management control of Japan Power Generation Limited (JPGL) was signed (subject to regulatory approvals) by the syndicate comprising Pak Oman Investment Company, National Logistics Cell, Saudi Pak Industrial & Agricultural Investment Company Limited and Orient Power CEO Nadeem Babar.
JPGL is a 120-MW IPP located near Lahore commissioned under the 1994 Power Policy. An impressive ceremony was held in General Headquarters (GHQ) Rawalpindi presided over by Quarter Master General Lieutenant General Afzal Muzaffar in his capacity as Officer In-charge of NLC.
Also present were Director General NLC Major General Khalid Zahir Akhtar, Managing Director Sapico Mohammad Rashid Zahir, Chief Executive Officer of Orient Power Nadeem Babar, CFO NLC Saeed-ur-Rahman and Ayesha Aziz, Head Investment Banking Division of Pak Oman Investment Company.
The QMG was given a presentation outlining the broad strategy to be implemented after taking over the management control of JPGL to ensure its financial, technical, and operational rehabilitation. Long-term strategic initiatives were also discussed, including capacity expansion.
The acute shortage of power in the country and JPGL's location in the heart of Lahore grid were highlighted.
The transaction is unique in nature and brings together capital and expertise. Combined together, these can successfully turn around the project to the benefit of all stakeholders, including Wapda.
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