The government has given a go ahead to the National Logistic Cell (NLC) to bid for the upcoming transaction of the state owned National Power Construction Company (NPCC) that has huge operations in Saudi Arabia.
The approval was given at the meeting of the National Logistic Board (NLB) chaired by the Finance Minister here on Thursday.
NPCC has expanded its operations in Saudi Arabia and successfully completed high value targets with 290 km long 380 KV transmission connecting Medina to the Red Sea coast. The NLB had sought approval from the Finance Minister to participate in the bid. The government plans to bring NPCC under the hammer during the first quarter of the current fiscal year.
The minister assured NLB that their company (NLC) would be assisted in their bidding for NPCC; however, he said that he would not make any assurance that their bid would be accepted in the due process as the highest bid would be accepted by the government.
The meeting also approved the budget of NLC for the current financial year. The meeting was informed that NLC earnings increased by 11 per cent with a net profit of Rs3.9 billion during the last fiscal year. The gross profit amounted to Rs5893 million, allowing an increase of 17 per cent in the budget of NLC.
The minister appreciated the good work of NLC management as the company showed better financial discipline and asset consolidation during the last fiscal year. He urged to make more efforts to make the organisation more competitive and for increasing the profit margin.