The Privatization Commission (PC) boards endorsed the bidding of the Heavy Electrical Complex (HEC) on Monday, with Rs 1.41 billion as the bid price offered by IMS Engineering Pvt. Ltd.
An important board meeting of the PC was held on Tuesday under Chairman Saleem Ahmed. The Minister for Privatization, Mohammed Mian Soomro; the Secretary for Privatization; members of the board; Financial Advisors (FAs); and senior officials of the Ministry of Privatisation attended the meeting.
The PC Board deliberated over a one-point agenda regarding the approval of the bidder and bidding price of the Heavy Electrical Complex (HEC). The bidding took place yesterday, and IMS Engineering Pvt. Ltd. succeeded by offering the highest bid of Rs. 99.999 per share, which is higher than the reserved price, while Waves-Singer and PEL came second and third, respectively.
The members of the board were apprised that the Cabinet Committee on Privatisation (CCoP) had endorsed the reference price of Rs. 98.23 per share for the Heavy Electrical Complex (HEC), which was followed by the bidding. They welcomed the price offered by the successful bidder as it was higher than the reference price and hence unanimously endorsed the bidder and bidding price for the entity while also recommending that the same may be presented to the CCoP and the federal Cabinet for timely completion of the transaction.
Minister Soomro said that the CCoP had deliberated upon the issues relating to liabilities that would be passed on to the new buyer, while employees-related liabilities will not be passed on to the new buyer and will be considered by the parent body.
