Privatization Commission Board endorses Bidding Price of Heavy Electrical Complex

Government of PakistanPrivatization Commission Board endorses Bidding Price of Heavy Electrical Complex

ISLAMABAD, Pakistan: An important Board meeting of the Privatization Commission (PC) was held in Islamabad on Tuesday under the Chairmanship of Chairman PC Saleem Ahmed.

The Federal Minister for Privatization Mohammedmian Soomro, the Federal Secretary, Board Members, Financial Advisors (FAs) and senior officials of the Ministry of Privatization attended the meeting.

The PC Board deliberated over one-point agenda regarding the approval of bidder and bidding price of Heavy Electrical Complex (HEC).

The bidding took place yesterday, and IMS Engineering Private Limited 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 Board members were apprised that Cabinet Committee on Privatization (CCoP) endorsed the reference price of 98.23% per share for HEC which was followed by the bidding.

The Board members welcomed the price offered by the successful bidder as it is higher than the reference price and hence unanimously endorsed the bidder and bidding price for the entity, it also recommended that the same may be placed before CCoP and the Federal Cabinet for timely completion of the transaction.

Mohammedmian Soomro 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.

Must read

Recent News

Sayyad Mubashar Tauqir Shah posted as Additional Secretary at Ministry of Information & Broadcasting

0
ISLAMABAD, Pakistan: Sayyad Mubashar Tauqir Shah, a BS-21 Officer of Information Group, has been posted as the Additional Secretary at the Ministry of Information...

Imran Khan and illegal Afghans residing in Pakistan

0
Islamabad, Pakistan: On Thursday night, former Chairman PTI Imran Khan took to his social media account to tweet and oppose the Pakistan government's decision...

Pakistan’s foreign reserves fall by $286 million

0
Total reserves: $12.1 billion, down by $286 million SBP reserves: $7.0 billion, down $237 million Commercial Banks reserves: $5.1 billion, down by $49...
Mango Brand

Mango Brand Collection, Location, Contact Info and More

0
Mango has made a name for itself in the competitive world of fashion, where styles are boundless and trends change constantly. Mango one of...

AUD to INR: Australian Dollar to Indian Rupee Today – 8 December 2023

0
The Australian Dollar (AUD) was trading at 55.16 as per the Indian Rupee (INR) on Friday.Currently, Indians are now the second-largest migrant group in...
Advertisement