ISLAMABAD:
Mansour Al Mosaid Limited Company has acquired 88% shares in its rival National Power Construction Corporation (NPCC) at a cost of Rs2.5 billion, which is Rs530 million higher than the minimum price set by the government, stated local media authorities.
The divestment of government’s stake in NPCC marks the beginning of strategic sale of state-owned enterprises after a gap of 10 years, it was revealed.
The Cabinet Committee on Privatisation (CCoP) also gave approval to the Rs2.5 billion bid price, allowing the Privatisation Commission to issue the letter of acceptance to the bidder, sources further added.
Saudi Arabia-based Al Mosaid Group’s bid was also Rs871 million higher than the second highest offer made by the consortium of Habib Rafiq Limited and Frontier Works Organisation that valued the shares at Rs1.63 billion or Rs925 per share, according to sources.
