February 22, 2022: The Privatisation Commission Board members welcomed and endorsed the bidding price of Heavy Electrical Complex (HEC) at Rs99.999 per share price offered by IMS Engineering Private Limited, as it was higher than the reference price of Rs98.23 per share endorsed by Cabinet Committee on Privatization (CCoP), said a press release issued today.
The Board also recommended that the same may be placed before CCoP and Federal Cabinet for timely completion of the transaction.
As per the press release, an important Board meeting of the Privatisation Commission held today under the Chairmanship of Chairman PC Saleem Ahmed. Federal Minister Mohammedmian Soomro, Federal Secretary, Board members, Financial Advisors (FAs) and senior officials of the Ministry of Privatisation attended the meeting.
The PC Board deliberated over one-point agenda regarding the approval of bidder and bidding price of HEC.
The bidding took place yesterday, and IMS Engineering Private Limited succeeded by offering the highest bid of PKR 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 Privatisation (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 Federal Cabinet for timely completion of the transaction.
Federal Minister 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.