The privatisation of Karachi Electric Supply Corporation (KESC) is the top priority transaction for the government and full support is being extended to all the potential bidders with a level playing field through most transparent process.
Privatisation and Investment Minister Dr Hafeez Sheikh stated this, while chairing the first bidders conference on the privatisation of KESC, held here on Tuesday, to facilitate the bidders for better understanding of the transaction and the privatisation process.
The minister directed the concerned officials to consolidate the common concerns of all the potential bidders and to take effective and speedy measures to resolve the genuine issues with a targeted approach to bring the transaction to the bidding point.
The bidders should also join hands to further accelerate the pace of privatisation process of the KESC, he added.
The KESC managing director made a presentation on the current operations of the company and informed about the efforts undertaken during the past two years for betterment of financial and technical aspects.
The Financial Adviser Pricewaterhouse Cooper also gave a detailed briefing regarding the proposed transaction structure and the measures for improving the KESC condition.
Representatives of the consortiums of three international parties, including Independent Power Corporation (IPC), UK, ESKOM South Africa, Integrated Energy Limited (IEL), UK; Kanooz Al Watan for Projects, Saudi Arabia, Siemens; and Ranhill Berhad, Malaysia, ABB, Pakistan, GE International Operation and Al-Bayarak Al-Baida Company, Kuwait, participated in the conference.
They have recently completed the initial due diligence of the transaction.
Privatisation Commission Board members Iftikharul Haq, Mehmood Shah, representatives of the ministries of water and power, finance, other stakeholders and the Privatisation Commission officials were also present on the occasion.