Elsewedy Electric keen to acquire HEC in Pakistan
Islamabad: Elsewedy a leading Egyptian electric company is likely to acquire Heavy Electric Complex (HEC).
The Egyptian firm Elsewedy Electric has already acquired Siemens in Pakistan and now desiring to acquire HEC as well.
The Egyptian firm is a potential bidder for the acquisition of Heavy Electric Complex (HEC).
Elsewedy Electric recently acquired a 100% equity stake in Validus Engineering Pakistan, previously owned by Siemens.
The Managing Director of Elsewedy Electric Pakistan, Mr. Sherif Abo Elhassan, a leading Egyptian electric company, called on MOS/Chairman BOI Mr. Atif Bokhari & Secretary BOI Ms.
Fareena Mazhar at BOI today to discuss sector-based investment opportunities in Pakistan. Director-General, Investment Promotion BOI, Mr. Jamil Qureshi also participated in the meeting.
Elsewedy Electric recently acquired a 100% equity stake in Validus Engineering Pakistan, previously owned by Siemens.
The takeover will bolster company growth via the introduction of power transformer technology that enhances the production capacity to support regional export.
Additionally, Elsewedy is also a potential bidder for the acquisition of Heavy Electric Complex (HEC).
Welcoming Mr. Sherif Abo Elhassan, Secretary BOI Ms. Fareena Mazhar elaborated on the investment opportunities & facilitation being provided by the Board of Investment to investors.
The economic policies of the Government of Pakistan have established Pakistan as an emerging market that has generated investor interest from around the globe. She also apprised about Pakistan’s consistent improvement in the World Bank’s Ease of Doing Index wherein the country advanced 28 positions in DB Report 2020.
Mr. Elhassan appreciated Pakistan’s incentive regime & improvement in the business climate.
Referencing his company Elsewedy Electric’s acquisition of a transformer manufacturing facility, he further briefed that production will not just cater to domestic demand but will also be exported to other countries in the region thus promoting export-driven industrialization in the country.
He further shared that the company plans to increase its footprint in the country and has identified potential projects in the infrastructure and construction sector that are available on BOI’s Projects Portal.
Chairman BOI Mr. Atif Bokhari said that BOI is ensuring investor facilitation through online availability of investment-related information & it is heartening to see its culmination into potential leads.
He added that BOI will assist with briefing & connecting them with relevant stakeholders for projects the company wishes to pursue along with any support required for additional acquisitions. Mr. Bokhari assured of BOI’s handholding to facilitate Egyptian investment in Pakistan.
Meanwhile, Mr. Sherif Abo Elhassan thanked both Chairman & Secretary BOI for their time and expressed hope to work in close collaboration for future ventures.
