|
|
|
|
|
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment
opened the first two day road show organized by the Privatisation Commission
in Singapore today, which was held to brief the investors regarding the
privatisation of country's largest natural gas transmission and distribution
companies i.e. Sui Northern Gas Pipeline Company Limited (SNGPL) and Sui
Southern Gas Company (SSGC). The two day road show will conclude on Tuesday
February 14, 2006, says a dispatch received from Singapore today.
The Minister held meetings with the group of leading investors of
international repute and informed them regarding the salient features of both
the transactions and briefed them about the privatisation process. The
investors expressed their keen interest in both the transactions with great
enthusiasm. Dr. Shaikh said that Pakistan provided a level playing field for
both local and foreign investors and offered unmatchable incentives for the
investors in the region. The Financial Advisors for both the transaction also
gave detailed presentations to the investors.
Owing to the overwhelming response for the privatisation of Sui Northern Gas
Pipeline (SNGPL) and Sui Southern Gas Company (SSGC) from the prospective
parties from Pakistan and abroad the Privatisation Commission (PC) had
extended the last date for submission of Statement of Qualification (SOQs) for
both SNGPL and SSGC to March 11, 2006. The Privatisation Commission had
solicited Expression of Interest (EOIs) for the privatisation of SNGPL an SSGC
on the December 14, 2005 and January 4, 2006 respectively. Earlier, the last
date for submission of statement of Qualifications (SOQs) was set as February
11, 2006 for SNGPL and March 4, 2006 for SSGC. All other conditions will
remain unchanged.
The Privatisation Commission invited Expression of Interest (EOI) from
qualified strategic investors to divest 51% shareholding in Sui Southern Gas
Company Limited (SSGC). SSGC offers significant potential for revenue and
earnings growth to an investor with the resources and expertise to operate gas
transmission, distribution, wholesale and retail businesses.
SSGC was formed in 1989, following a series of mergers of three pioneering
companies, namely Sui Gas Transmission Company Limited, Karachi Gas Company
Limited and Indus Gas Company Limited. SSGC is Pakistan's leading integrated
gas company with a franchise area covering the provinces of Sindh and
Balochistan serving more than 1.7 million consumers.
While Expression of Interest (EOI) were invited from qualified strategic
investors to divest 51% shareholding in Sui Northern Gas Company Limited
(SNGPL). SNGPL also offers significant potential for and earnings growth to an
investor with the resources and expertise to operate gas transmission,
distribution, wholesale and retail businesses.
SNGPL was incorporated in 1963 as a private limited company and was converted
to a public company in 1964. SNGPL is the largest gas transmission and
distribution company in Pakistan, with a franchise area comprising of the
provinces of Punjab and North West Frontier Province (NWFP) serving more than
2.3 million consumers. The company has 41 years of experience in operation and
maintenance of high-pressure gas and distribution and systems.
Another road show is being organized at London during the last week of the
current month, which will be participated by investors of international repute
from UK, USA, Canada and other countries. Dr. Hafeez Shaikh is also scheduled
to deliver his keynote address at Institute of South Asian Studies at
Singapore tomorrow.