Extension by power division to boost uninterrupted transformers manufacturing: Minister

December 29, 2021: The extension of the validity of type testing license for HEC by Power Division would incentivize the potential buyer(s) of HEC and also would provide them a ground to start manufacturing the transformers without any break, Mohammad Mian Soomro, Federal Minister for Privatisation said while chairing the meeting on Wednesday.

It was proposed that the subject matter would be taken up with National Transmission & Dispatch Company Limited (NTDC) and after exhausting this option it would be taken to CCoP for clear directions, before the bidding date of HEC.

It was briefed that the transaction of Pakistan Steel Mills is at an advanced stage along with the status of corporate actions to be completed prior to the revival of PSMC.  The major focus was on the availability of utility connections to the newly formed subsidiary of PSMC, its liabilities towards Sui Southern Company, and issuance of NOC from Sui Southern Gas Company Limited, which is mandatory for seeking approval for scheme of arrangement (SOA) from SECP. Sui Southern was asked to take up the matter in its Board meeting and issue the requisite NOC so that the process of privatization/revival of PSM could be completed without hindrance in stipulated time.

Later on, Federal Minister for Privatisation also chaired a meeting to review the progress in various ongoing transactions. The Minister was briefed that the bidding of Heavy Electrical Complex is expected in mid-January, 2022.

He was also briefed that top international Investors are pre-qualified for Pakistan Steel Mills (PSM) and a report will be formulated for the approval pre-qualification committee and PC Board. Regarding National Power Parks Management Company Limited (NPPMCL) it was briefed that the debt-refinancing process will be started soon after approval of CCoP.

The Federal Minister was also briefed about the updated status of House Building Finance Corporation Limited (HBFCL), First Women Bank Limited (FWBL), Pak re-insurance Limited (PRCL), HEC and DISCOs.

Federal Minister said that our focus is to meet the timelines of these ongoing transactions and we are sparing no effort to meet that end.

A meeting was held under the joint chairmanship of Federal Minister for Privatisation Mohammed Mian Soomro and Federal Minister for Energy Hammad Azhar to discuss matters related to the transaction of PSM and HEC.

In the meeting, Federal Secretaries of Privatisation, Power Division, Petroleum Division, Industries, and the representatives of the Ministry of Industries & Production, Finance, SSGCL, HEC, and Financial Advisors were present.

Press Release

Posted on: 2021-12-29T17:42:55+05:00

29854