Sources said that the KESC management would be handed over to the consortium on the fixed date in a ceremony to be held in Karachi. Privatisation Secretary Tahsin Khan Iqbal will sign the document for handing over of the KESC on behalf of the government.
The meeting was informed that the successful bidder for KESC, consortium of Hasan Associates with Al-Jomiah Group of Kingdom of Saudi Arabia, has deposited $100 million out of the total bid offer of Rs 20.24 billion and the letter of acceptance (LoA) has been issued to them. The remaining proceeds would be received by the end of the current month, followed by handing over of the management control of the company to the consortium.
The board also pre-qualified eight parties to enter into the data room for Pakistan Steel Mills Corporation (PSMC) due diligence and three others subject to submission of additional information. The data room is expected to open in the first week of December. The privatisation of PSMC is at an advanced stage.
The meeting was also informed that the Privatisation Commission is inviting expressions of interest (EoIs) from reputed international and Pakistani entities (solely or as part of a consortium) for the divestment/sale of management rights of the funds under the management control of National Investment Trust Limited (NITL). The PC plans to split the Fund of NITL the National Investment Trust into a number of parts and divest/sell the right to manage the funds.
The board formed a committee to review the Pakistan Petroleum Limited (PPL) transaction comprising two members of the board, a senior Balochistan government official and PPL managing director as its members.
The board also gave approval to the criteria for pre-qualification of prospective bidders for the strategic sale of Sui Northern gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) and constituted pre-qualification committees.
The board was informed that after receiving total proceeds of Rs 3.204 billion from Bestway Cement Ltd for 85.29 percent shares (10,507934 shares) of Mustekham Cement Limited (MCL) and Rs 128 million from Mohammad Umar Memon of Sadaf Enterprises, Karachi for machinery of Bolan Textile Mills, the entities have been handed over to the buyers.
Privatisation Commission Secretary M. Tahsin Khan Iqbal conducted the meeting, while senior officials of the respective ministries, departments and organisations attended the proceedings.