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Privatisation Commission has received seven fresh Expression of Interests (EOI)
from the interested parties for the privatisation process for acquisition of
controlling interest or joint venture of the National Power Construction
Corporation (Pvt) Limited (NPCC) transaction, a Leading Power Projects
Construction Company of Pakistan with Major Operation in Middle East/Saudi
Arabia. The parties, which have submitted fresh EOIs, include 1. Arabian
Construction Co. Pakistan (Pvt), Limited, 2. Gulf Consortium a Joint Venture
of Aljomaih Group (Saudi Arabia), Central China Power Group and ELBA
International & Associates (Pakistan), 3. JS PE Management Limited (Pakistan),
4. Noor Financial Investment, 5. Saudi Cable Company Marketing (Saudi Arabia),
6. Sinotec (China) and 7. Al Tuwairqi Group (Saudi Arabia).
Among these companies five parties have also submitted Statement of
Qualification (SoQ) within the stipulated period that include 1. Arabian
Construction Co. Pakistan (Pvt), Limited, 2. Gulf Consortium a Joint Venture
of Aljomaih Group(Saudi Arabia), Central China Power Group and ELBA
International & Associates (Pakistan), 3. JS Private Equity Fund I LLC (“JSPE”
or “Fund’), 4. Saudi Cable Company Marketing (Saudi Arabia) and 5. Al Tuwairqi
Group (Saudi Arabia).
In addition to these fresh EOIs and SOQs received three of the four potential
bidders, which were pre-qualified earlier as a result of previous invitation,
have reaffirmed their interest in the transaction, which include 1. ICC (Pvt)
Limited, Pakistan; 2. Sachal Engineering Works (Pvt) Limited, Pakistan; and 3.
Pak Elektron (Pvt) Limited, Pakistan.
The Privatisation Commission (PC) Board has constituted a six member Committee
for the pre-qualification of the parties for taking part in the privatisation
process of National Power Construction Corporation Limited (NPCC). The
Committee is headed by Mr. Iftikhar ul Haq, Member PC Board with Mr. Mahmood
Nawaz Shah, Member PC Board and senior representative of Ministry of Water and
Power, Finance Division, Planning & Development Division and Privatisation
Commission.
The Privatisation Commission (PC) had invited Expressions of Interest (EOI)
from financially sound local and foreign investors with management capability,
contracting experience as well as experience of electrical wire installation
interested in either acquiring 51% interest in NPCC along with management
control or a Joint Venture with the Government.
National Power Construction Corporation (Pvt) Limited (NPCC) is a specialist
contracting company of Pakistan for construction and management of turnkey
power projects including extra high voltage transmission lines, distribution
networks, substations, power generation plants, industrial electrification,
external lighting of housing complexes etc. NPCC’s major area of operation
during the last three decades had been in the Middle East with concentration
in Saudi Arabia. NPCC has successfully secured and completed projects valuing
over US$ 600 million.