EoIs invited for sell-off of HEC
ISLAMABAD, Aug 20: The Privatisation Commission on Saturday invited `expressions of interest` from prospective buyers for the sell-off of its 96 per cent shares in the Heavy Electric Complex (HEC) in Hattar Industrial Estate. The commission said in an announcement that EoI had been invited from prospective investors, industrial companies and groups and consortium of investors with demonstrable ability to own, efficiently manage and operate the company through acquisition of the government shares in the HEC.
The sell-off had been approved by the Cabinet Committee on Privatisation (CCOP), it said.
The interested parties have been asked to furnish their EoI (in duplicate) to the commission no later than Oct 1, 2011 along with a non-refundable processing fee of $5,000 or Rs425,000.
The parties submitting an EoI will only be dispatched a request of Statement of Qualification (RSOQ) document, which will form the basis of pre-qualification.
The commission said that an early submission of EOI would allow the interested parties maximum time for completion of their Statement of Qualification (SOQ) document, which must be submitted to PC no later than Oct 15, 2011.
The parties interested in the HEC must apply afresh except the parties who had submitted an EoI and subsequent SOQ.
The commission said that the successful bidder would continue to operate HEC manufacturing facility as a going concern.
Up to 4 per cent shares had been allocated for employees of HEC under the Benazir Employees Stock Option Scheme.
The HEC, one of the industrial units of the State Engineering Corporation, manufactures power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV.
In addition, the HEC repairs and refurbishes old and damaged power transformers of up to 500 KV.
The complex was incorporated as a private limited company in 1991 and began commercial operations in 1997. It has six main manufacturing shops namely, machine shop, winding shop, insulation shop, core shop, fabrication shop and assembly shop.
In addition, the HEC has an oil purification shop and a high voltage test laboratory equipped with overhead travelling cranes.
The HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid station equipment for domestic and foreign markets.
Military action no solution to Karachi
| PM Gilani says law enforcement agencies are playing vital role in maintaining law, order * Says Nawaz demand for new elections can’t be justified LAHORE: Prime Minister Yousaf Raza Gilani on Sunday said that military operation was not a solution to the Karachi problem as he had strong belief in the abilities of the law enforcement agencies. Addressing an iftar dinner at the Governor’s House, the prime minister said that his government could only provide some guideline to the Sindh government on the issue of calling the army to maintain law and order in the city but definitely it was a matter of provincial authority. However, he said that he had no objection in calling an in-camera session of parliament on the issue. He said that a military operation could only control the situation for a short period of time, adding that the Rangers and the Frontier Constabulary and the police were playing their vital role in maintaining law and order in the city. He said that he had directed the law enforcement agencies to take action against criminals irrespective of their political affiliations, adding that it was also a fact that morale of the Rangers was down due recent incidents. Talking about Pakistan Muslim League Nawaz (PML-N) chief Mian Nawaz Sharif’s recent demand for new general elections in the country, he said that Nawaz was not the only stakeholder in parliament. Gilani said that many others were also there in parliament and all of them had consensus of opinion that the government should complete its constitutional tenure of five years to strengthen democracy in Pakistan. He said that the government had already given its fourth budget and demand for new elections could not be justified. He said that although in the past he never said that his government would complete its tenure but now at this time he assures the nation that the sitting parliament must complete its constitutional tenure of five years. Gilani said that it was a strong opinion of the PML-N members also that the elections were not a solution to the country’s problems, and that there was a need to resolve issues by remaining within the existing system. He said that the MQM had supported the government in the difficult times and it always remained an important ally, adding that Altaf Hussain was the person who supported the Pakistan People’s Party Co-chairman Asif Ali Zardari in the presidential elections, 18th Amendment and other issues so his government should avoid giving any hard remarks against the MQM. The prime minister said that his government had paid due respect to the judiciary and implemented its decision because it was his government who restored the constitution and the judges so it was not a right perception that his government was not giving due respect to the state institutions. He further said that the constitution had already determined the authority of every institution so all of them should work within the system. Replying to a query about the appointment of the National Accountability Bureau chairman, the prime minister said that President Zardari would consult the opposition leader in this regard. Punjab Governor Sardar Latif Khosa and Federal Minister for Information Firdaus Ashiq Awan were also present. BRIEF NEWS: Ø 11 more murdered in Karachi Ø KP education minister injured inBuner attack Ø ‘Zero Hour’ for Gaddafi as battle for Tripoli begins Ø Over 2000 foundburiedin IHK’s unmarked graves:report Ø Arrangements finalized toobserve Youm-e-Ali Ø Change of 3 portfolios in Sindh cabinet likely mOHAMMED SALEEM MANSOORI |
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