Privatization Commission (PC) has short-listed consortium of Bridge Factor & National Bank of Pakistan (NBP) as Financial Advisor for transaction of Heavy Electrical Complex.
Four potential parties were pre-qualified for the bid. These are Consortium of Bridge Factor & NBP, Consortium of Topline, AKD and MCB, Consortium of Pak China Investment Co Ltd and Consortium of Faysal Bank, JS Bank, JS Global, I-Consult & ILF. Consortium of Bridge Factor & NBP secured top rank on evaluation of combined technical and financial proposals. Consortium of Topline, AKD and MCB was ranked second on evaluation of combined technical and financial proposals. Consortium of Pak China Investment Co Ltd scored third and Consortium of Faysal Bank, JS Bank, JS Global, I-Consult & ILF scored fourth position.
The Privatization Commission board on August 28, 2019 decided to appoint financial advisor for six state-run companies to privatize these, including sale of 100 percent stakes of Heavy Electrical Complex.
On September 3, 2019, the Privatization Division listed 17 state-owned enterprises (SOEs) for privatization in the first phase.
In December 2016, the Ministry of Industries technically blocked the privatization process of Heavy Electrical Complex, frustrating the government's fifth attempt to sell the enterprise. Two Investment Houses - Next Capital and KASB Securities - were technically knocked out that had applied for becoming financial advisers for the company's privatization.
On May 15, 2015, joint opposition stormed out of the Senate session against alleged dubious sell-off of Heavy Electrical Complex to Karachi-based favorites for 'peanuts', who had got registered a fake firm in Kenya. Enraged senators claimed that the complex valued at least ten times more than the price (Rs 250 million) on which it had been sold out, billing it great injustice to people of Pakistan.
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