Privatization Minister directs IMS Engineering to wrap up HEC's purchase by December

By MG News | December 19, 2023 at 12:30 PM GMT+05:00

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December 19, 2023 (MLN): The Caretaker Federal Minister for Privatization, Fawad Hasan Fawad on Monday directed IMS Engineering (Private) Limited, the buyer of Heavy Electrical Complex (HEC) to complete all formalities and paperwork required for completion of the transaction by the end of the month.

According to a press release issued on the day, the minister chaired a meeting to review the progress on the sale/privatization of HEC at the Privatization Division.

All stakeholders including IMS Engineering, the Financial Advisor, the Ministry of Industries, and the Bank of Khyber (PSX: BOK) attended the meeting.

The stakeholders discussed and finalized the roadmap for the conclusion and settlement of the sale agreement.

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