The delegation also briefed the minister on the status of payables/receivables of K-Electric with regard to various government entities and suggested ways to resolve the pending issues. The delegation informed the meeting that negotiations for investment of Shanghai Power in the K-Electric were progressing and the matters were likely to be finalised soon.
The Chinese side had carried out its due diligence and was satisfied with the financial position of the company, Umar informed. The meeting was also informed that the Abraj Group, major share holder in K-Electric, is planning to invest around $150 million in the banking and health sectors in the country. Dar assured the delegation of full co-operation and support of the Ministry of Finance for settlement of outstanding issues between K-Electric and various federal government entities.
He stated the government wanted to resolve the pending issues in a fair and equitable manner and the company should reconcile their payables/receivables with the respective entities in a similar spirit. Dar acknowledged the planned investment venture of the Abraj Group and added that liberal investment regime and incentives offered by the government encouraged investment in different sectors of the economy. The minister said that foreign investors were now willing to avail the liberal investment regime. Senior officials of the Ministries of Finance, P&NR and Water & Power participated in the meeting.-PR
Copyright Business Recorder, 2017