Minister for provision of level-playing field to all pre-qualified bidders

ISLAMABAD: Federal Minister for Privatisation Mohammedmian Soomro has said that a level-playing field is being provided to all the prequalified bidders for ensuring utmost transparency.

Chairing a second pre-bid meeting of Heavy Electrical Complex (HEC), he said the transaction of HEC is in its concluding stage and “we are resolving the pending matters related to the transaction completion along with facilitating the potential investors”, adding that the HEC transaction/bidding is likely to be completed very shortly.

The queries raised in the first meeting by the potential bidders regarding bidders’ qualification, bidding process and payment structure, etc, were addressed.

A detailed presentation was made to the four pre-qualified bidders, and the queries from them were addressed, the earnest money for this transaction was approved and accepted by the bidders is Rs50 million.

It was also informed that Khyber-Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) will facilitate the lease transfer to the new buyer and a letter of comfort has also been issued to the company regarding the outstanding liabilities.

The financial advisers also gave a detailed briefing about the final bidding process. It was also intimated that upon the request of bidders revised ITB, SPA documents have been shared.

The latest audited accounts of HEC have also been shared with the bidders. The bidders raised a question regarding in-hand orders, to which the minister said that the matter had already been communicated to the Economic Coordination Committee (ECC) of the Cabinet and will be resolved before the bidding date.

Soomro said that the ministries of industries and production, power and privatisation are in close liaison to resolve all the matters of HEC related to land transfer, in-hand orders and liabilities towards KPEZDMC before the final bidding.

“It is our prime concern to address the concerns and answer the questions raised by the investors to successfully complete the transaction,” he said.

Federal secretary Hassan Nasir Jamy, representatives of HEC, Ministry of Industries and Production, financial advisers, bidders and legal advisers attended the meeting.

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