The cabinet committee on privatization in its meeting chaired by Minister for Finance Senator Ishaq Dar on Friday approved transaction structure for divestment of National Power Construction Corporation Limited (NPCC).
Federal Minister for Planning & Development Ahsan Iqbal, Federal Minister for Commerce Khurram Dastgir, Chairman BOI Miftah Ismail and other senior officials attended the meeting.
The privatization commission board in its meeting held on January 23 had recommended the strategic sale of GOP shares in NPCC. The recommendation was upheld by the CCOP after detailed deliberations.
Privatization Commission Chairman Mohammad Zubair briefed the finance minister and members of the CCOP that the Financial Advisor (FA) – M/s MCB Bank and UBL – was appointed for the optimal divestment of GOP shares in NPCC. Based on their due diligence and market sounding exercise, the FA proposed strategic sale of a GOP shares in NPCC.
NPCC, it may be added was established in 1974 by the Government of Pakistan, under the federal ministry of water and power, with the special objective of executing power engineering projects speedily and economically, not only at home but also in other friendly countries. NPCC is fully equipped to undertake speedy execution of power projects on turn-key basis – extra high voltage transmission lines, cable networks, LV distribution network, substations, industrial electrification, external lighting of housing complexes – and has demonstrated proven capability during more than three decades in its field.
