Privatisation Commission asked to delay NPCC sell-off

Federal Privatisation Minister Syed Naveed Qamar has asked the Privatisation Commission to delay the sale process of National Power Construction Company (NPCC) to take more people on board and make sure complete transparency in the transaction.
The minister, after a detailed briefing on the privatisation process and projects in the pipeline for disposal, has asked the authorities to extend the date for Expression of Interest, sources in the Privatisation Commission told Business Recorder.
Sources said the minister was of the view to make the process more transparent and provide interesting parties chance to take part in the transaction. Keeping in view the directions of the minister, the Commission has once again extended the date for submission of Expressions of Interest (EoIs) and Statement of Qualifications (SoQ) for the National Power Construction Company (NPCC) up to May 5 and May 15, respectively, they said, adding that many parties, including foreign investors from Saudi Arabia have shown interest in NPCC privatisation.
The Commission had earlier invited EoIs from qualified strategic investors with experience of handling similar large power projects being handled by NPCC on a turnkey basis or consortia preferably in partnership with financially sound Pakistani companies interested in acquiring 51 percent interest in NPCC, including the management control.
It was earlier advertised in October 2005 with last date for the submission of the EoI and SoQ October 25, 2005 and November 30, 2005, respectively extending the date to March 20, 2006. Now it has been extended to May 5, and 15, 2008. The government may also offer a certain percentage of the ownership of NPCC to the employees of NPCC in case they are interested.
It is worth mentioning that the NPCC, currently rated amongst top contractors, is a specialist contracting outfit for turnkey management of power projects ie extra high voltage transmission lines, distribution networks, sub-stations, power generation plants, industrial electrification, external lighting of housing complexes, etc.
NPCC''s major area of operation during the last three decades had been in the Middle East with concentration in Saudi Arabia. It has successfully secured and completed projects valuing $600 million.
Interested parties have been asked to furnish their EoI along with a brief company profile and a non-refundable processing fee of Rs 50,000. Parties who have already submitted EoIs need not apply afresh. Parties who have submitted EoIs but not the SoQ can submit the SoQ now.
Parties with relevant credentials who submit an EoI will be dispatched a request for Statement of Qualifications (SOQ). The early submission of EoIs will allow parties maximum time for completion of their SoQ requirements.