ISLAMABAD: The Board of Privatisation Commission (PC) welcomed the price offered by the successful bidder for Heavy Electrical Complex (HEC), which is higher than the reference price and; hence, unanimously, endorsed the bidder and bidding price for the entity.

The board further recommended that the same may be placed before the Cabinet Committee on Privatisation (CCoP) and the Federal Cabinet for timely completion of the transaction. The board meeting of the commission held Tuesday under the chairmanship of Chairman PC Saleem Ahmed.

Federal Minister Mohammedmian Soomro, federal secretary, board members, financial advisors (FAs), and senior officials of the Ministry of Privatisation attended the meeting.

The PC Board deliberated over one-point agenda regarding the approval of bidder and bidding price of the HEC.

The bidding took place on Monday, and IMS Engineering (Private) Limited succeeded by offering the highest bid of Rs99.99 per share, which is higher than the reserved price, while Waves-Singer and the PEL came second and third, respectively. The board members were apprised that the CCoP endorsed the reference price of 98.23 per share for the HEC, which was followed by the bidding.

The federal minister said that the CCoP deliberated upon the issues relating to liabilities, which will pass on the new buyer, while employees-related liabilities would not pass on the new buyer and would be considered by the parent body.

Copyright Business Recorder, 2022