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Referring to a statement of spokesperson of Pakistan People’s Party Mr.
Farhatullah Babar regarding alleged bungling in the privatisation of Heavy
Mechanical Complex (HMC) published in a section of the press on August 1,
2006, a spokesman of the Privatisation Commission (PC) has out rightly
rejected the wholly incorrect impression created through the self-‘reported’
misleading statement.
The PC Spokesman pointed out that wild and baseless allegations have been
levelled regarding pre-qualification of bidders and valuation of land. The
privatisation of HMC was approved by the Council of Common Interests (CCI) in
1997 but the actual privatisation process had started only recently, he said.
He stated that PC had received 19 Expressions of Interest (EOI) from
prospective investors including prominent local and foreign companies.
Pre-qualification of bidders who can demonstrate ability to own, effectively
manage and operate HMC had yet to be carried out. Similarly no valuation
report had been received from Financial Consultant as yet and hence no
question arises of low/ incorrect evaluation of land or other assets of HMC.
Privatisation of HMC would strengthen its technological base, the spokesman
concluded.