The Privatisation Commission (PC) arranged a road show in the provincial capital for potential investors interested in acquiring the Heavy Electrical Complex (HEC), an entity of the federal government located at Hattar Industrial Estate, Haripur.
Minister for Privatisation Mohammadmian Soomro, Secretary Privatisation Commission Hassan Nasir Jamy along with transaction advisers attended the road show, which was organised the other day.
Interested potential investors including M/s Jaffer Brothers,PEL, Waves /Singer, IMS/Powerworld, AVS/Tapal, Transfopower, SAMIRA Textile, KE , ATL and Designs and Engineering Systems were briefed that HEC is the only entity in public sector which has capacity to make 70 heavy power transformers every year for all the DISCOs in Pakistan.
Ideally located and equipped with all the infrastructure including plant and machinery installed at 43 acres of land with 19 acres extra land available for expansion purposes, HEC also has the potential to make power and transmission transformers for export with the injection of proper capital expenditure and better management.
The potential investors took keen interest in acquiring HEC and asked different questions which were properly responded to by PC team. Four local investors have already submitted their expression of interest ( EOI) whereas some more are expected from local and foreign investors by 9th February 2021 which is the last date for submission of EOIs.
Minister for Privatisation Mohammadmian Soomro conveyed appreciation and thanked the potential investors for their interest in the transaction and reaffirmed the commitment of the federal government to reduce the losses of state-owned entities and utilising the national resources for socio economic development of the country.
Earlier on February 1, Waves Singer Pakistan Limited showed interest to acquire 96.6 percent shares of Heavy Electrical Complex (Private) Limited (HEC). According to a statement issued to Pakistan Stock Exchange (PSX) on Monday, the board of directors of Waves Singer Pakistan Limited has approved submission of an expression of interest (EOI) for the acquisition of 96.6% shares of Heavy Electrical Complex (Private) Limited (HEC) from the government by way of privatisation process.
The EOI will be followed by a detailed due diligence process (if the company is shortlisted) and completion of other necessary formalities, said the statement. The results of the due diligence shall be placed before the board for review and discussion and to resolve/approve further course of action in respect of the transaction, concluded the statement.
