The Privatisation Commission (PC), on Friday, extended the deadline for submission of Expression of Interest (EOI) for National Power Construction Corporation (NPCC) ending today (Saturday) till October 1, next month. Subsequently the deadline for submission of Statement of Qualification (SOQ) has also been extended till October 15.
The privatisation commission is far back from its prescribed schedule for privatisation of the NPCC as was planned to complete the privatisation process of 88 per cent shares with management control till October.
The Cabinet Committee of Privatisation (CCOP) in its August 5 meeting, chaired by the Finance Minister Dr Abdul Hafeez Shaikh, had approved the privatisation of the profit making institution.
An official source told Profit that the PC had extended the date for EOIs for NPCC on the request of some interested parties from the Middle East. He further disclosed that interested parties could not contact the concerned quarters for EOI due to long Eid holidays in the Middle East due to which the date had been extended. He mentioned that so far five parties had contacted the PC for the same.
The privatisation commission has asked the investors interested in joining the process to submit an Expression of Interest (‘EOI’) by the extended date. The PC had invited EOI from prospective investors with demonstrable ability to acquire and efficiently manage the NPCC through the acquisition of minimum 88 per cent shareholding in NPCC currently owned by the Government of Pakistan.
The successful bidder will be required to continue to operate the company as a going concern. Up to 12 per cent shares are allocated for NPCC employees through the Benazir Employee Stock Option Scheme (“BESOS”). Privatisation Commission has asked the interested parties to submit EOIs (in duplicate) together with a non-refundable processing fee of $5,000 or Rs425,000. All parties which shall submit EOI would be dispatched a Request of Statement of Qualification (RSOQ). NPCC currently rated amongst top contractors, is a specialist contracting outfit for turnkey management of power projects. It is incorporated in Pakistan and is engaged in the execution of power engineering projects such as extra high voltage transmission lines, power generation plants, industrial electrification and external lighting of housing complexes, etc in the Kingdom of Saudi Arabia, Pakistan and other Middle Eastern countries.
It’s services include survey, design, material procurement, installation / erection and commissioning
of projects.
