In order to offer a unique opportunity to the private sector to acquire minimum 96 per cent GoP shares in Heavy Electric Complex (HEC) as approved by the Cabinet Committee on Privatisation (CCOP). The Privatisation Commission (PC) has invited an Expression of Interest (EOI) from prospective investors, industrial companies and groups, consortium of investors with demonstrable ability to own, efficiently manage and operate the company through acquisition of minimum 96 per cent GoP shares of HEC.
Heavy Electrical Complex (HEC), one of the industrial units of State Engineering Corporation, is engaged in the manufacturing of power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV. In addition, the HEC undertakes repairs and refurbishment of old and damaged power transformers up to 500 KV. HEC was incorporated as a private limited company in year 1991 and commenced commercial operations in year 1997. HEC is located in Hattar Industrial Estate about 65 kilometres from country’s capital Islamabad.
HEC has six main manufacturing shops namely Machine shop, Winding shop, Insulation shop, Core shop, Fabrication shop and Assembly shop. HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid station equipments for meeting demand of the products in domestic and foreign markets.
The interested parties have been asked to furnish their EOI (in duplicate) giving details such as: Name of Company / Group, Place & Date of Registration and its background information; Details of ownership/group structure along with copies of Computerised National Identity Card (CNIC) / Passport Nos. of the Directors / Partners; Name, Address, Telephone, Mobile, Fax, email of the authorised person to be contacted no later than October 01, 2011 along with a non-refundable processing fee of $5,000 or Rs425,000 payable in the form of a bank draft / pay order in favour of Privatisation Commission. Parties submitting an EOI will only be dispatched a request of statement of qualification (RSOQ) document, which shall form the basis of pre-qualification. An early submission of EOI will allow the interested parties maximum time for completion of their Statement of Qualification (SOQ) document, which must be submitted to Privatisation Commission no later than October 15, 2011. Parties who are interested in the HEC transaction must apply fresh, except parties who have submitted an EOI and subsequent SOQ in response of PC advertisement dated May 05, 12, and 21.
The successful bidder shall continue to operate HEC manufacturing facility. Up to 4 per cent shares are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS).
