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Due to the increasing interest of parties and to create maximum opportunity
for the investors in the related field, the Privatisation Commission has
extended the date as May 5, 2008, for submission of Expressions of Interest (EOIs)
for acquisition 51 % of shares of NPCC together with management control on “as
is where is” basis. Earlier, the last date for EOI & SOQ was August 30, 2007.
Parties who have previously submitted EOIs and SOQs for the transaction and
had joined the due diligence process need not apply afresh, however, these
parties shall reaffirm their continued interest in the transaction and provide
updated financial and other information as required under the Request for
Statement of Qualification document (RSOQ).
National Power Construction Corporation (Private) 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$ 650 million.
The Privatisation Commission has asked the prospective investors interested in
joining the process i.e. Companies or Consortia engaged in the engineering
construction contracting business preferably installation of extra high
voltage transmission lines and the related business who can demonstrate the
ability to own, efficiently manage and operate company after acquisition of
51% shares of NPCC together with management control on “as is where is” basis
to submit Expressions of Interest (EOI) providing information such as name of
company, nature of business alongwith copies of constitutive documents proof
of net worth of Rs.300 million as per audited financial statements, duly
certified by a firm of Chartered Accountants, for the latest year but not
earlier than June 2007, list of director(s) along with copies of Computerized
National Identity Card (CNIC), name, Address, Telephone, Mobile, Fax, Email of
the Focal Person to be contacted, pending, threatened litigation(s) against
the company and the director(s). In the event of a consortium, the consortium
will be required to provide a consortium agreement identifying the lead bidder
(a company) and setting forth obligation inter-se of consortium members. The
winning consortium will have to enter into legally bound inter-company
agreements.
The investors have been asked submit EOIs (in duplicate) together with a
non-refundable processing fee of US$ 1,000 or PKR 63,000 payable in the form
of a bank draft(s) / pay order(s) in favour of ‘Privatisation Commission,
Government of Pakistan’ to reach the PC at the given address by May 05, 2008.
Parties who submit an EOI will be dispatched a Request for Statements of
Qualification (RSOQ). The early submission of EOI will allow parties maximum
time for completion of their SOQ document as the SOQ must be submitted PC not
later than May 15, 2008.
The conditions include that the Purchaser shall provide an undertaking to
continue to operate Company’s facilities and shall not in any way abandon,
cease to operate or otherwise shutdown the Company’s existing facilities, the
bidder shall bid on the basis of Audited Accounts of June 2007 and may also
factor in the latest un-audited accounts available prior to the bidding,
earnest Money for qualification as a bidder shall be Rs. 50,000,000 (Rupees
fifty million). All matters including terms and conditions relating to
privatisation of NPCC shall be communicated to all qualified bidders from time
to time prior to the bid date which shall form the basis for the bid.
Privatisation Commission reserves the right to accept any bid or reject all or
any of the bids at any stage without assigning any reason therefor.