Divestment of OGDCL and PPL’s shares: PC Board approves financial advisors

Aftab Ahmed

Islamabad: The Board of Privitisation Commission on Tuesday approved Financial Advisors for divestment of shares in OGDCL and PPL.

It also recommended transaction structure on sale of unproductive land owned by the Federal Government entities for submission to the Cabinet Committee on Privatization on CCOP.

Federal Minister for Privatisation and Chairman Privatisation Commission Mohammedmian Soomro chaired Transaction Committee Meeting followed by PC Board Meeting held in Islamabad. The meetings were convened to discuss and recommend prequalification of the potential investors who have submitted Statements of Qualification (SOQs)for the privatization of National Power Parks Management Company(Pvt)Ltd (NPPMCL).

Members Privatization Board, Federal Secretary, Senior officials of the Privatization, representative from NEPRA, Ministry of Finance, Ministry of Power and Financial Advisors attended the meeting.

In an unprecedented show of interest for a first round of privatization by the Government of Pakistan, twenty three investors from all around the world, including entities that have never invested in Pakistan before, submitted SoQs for the NPPMCL privatization. This shows high  confidence by a broad base international business community, including Europe, Japan, South East Asia, Middle East, in Pakistan as an investment hub.

Out of 23 parties which submitted EoIs, 12 parties submitted their Statements of Qualification (SOQs) by the deadline. Some of the parties who submitted their SOQs also expressed their interest to form consortia with some of the other parties that had submitted EOIs.

During the meetings the technical, financial, management and  legal  capabilities of the parties that submitted their SOQs along with their organizational structure, were discussed with all the stakeholders.

Federal Minister Mohammedmian Soomro said that in order to expedite the privatization of NPPMCL we are working in collaboration with all stakeholders and are cognizant of the fact that it is important to complete the desired transaction in a well defined time.

The PC Board in  its meeting approved twelve parties  Jera (Japan), Marubeni (Japan), Mitsui & Co (Japan), Asma Capital (Bahrain), Nebras Power (Qatar), Qatar Investment Authority (Qatar), the Fauji Foundation  consortium(Pakistan),Edra (Malaysia), GPSC (Thailand), Contour Global (UK) and KAPCO and Atlas Pakistan. The prequalified parties will commence due diligence of the power plants promptly with a view to achieving the earliest possible date for bidding and closing of the transaction timely.

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