Press Release
PC INVITES EOI FOR SALE OF 88 % SHARES OF NPCC
Islamabad, August 16, 2011
The Privatisation Commission ("PC") has invited an Expression of Interest ("EOI") from prospective investors with demonstrable ability to acquire and efficiently manage the National Power Construction Corporation (NPCC) through the acquisition of minimum 88% shareholding in NPCC currently owned by the Government of Pakistan. The successful bidder will be required to continue to operate the Company as a going concern. Up to 12% shares are allocated for employees of NPCC through the Benazir Employee Stock Option Scheme ("BESOS").
National Power Construction Corporation (Private) Limited ("NPCC") is incorporated in Pakistan and is engaged in the execution of power engineering projects such as extra high voltage transmission lines, power generation plants, industrial electrification and external lighting of housing complexes, etc. in the Kingdom of Saudi Arabia ("KSA"), Pakistan and other Middle Eastern countries. NPCC's services include survey, design, material procurement, installation/erection and commissioning of projects. NPCC's operations in the KSA and Middle East are carried out by NPCC's branch office.
The PC has asked the interested parties to submit EOI (in duplicate) no later than 1700 hours on September 17, 2011 along with a non-refundable processing fee of USD 5,000 or PKR 425,000 along with details such as (i) Name of Company/Group submitting the EOI, Place & Date of Registration and its background information; (ii) Details of ownership/group structure (iii) Copies of Computerized National Identity Card (CNIC)/Passport Nos. of the Directors/Partners; and (iv) Name, Address, Telephone, Mobile, Fax and Email of the authorized focal person.
Parties who have previously submitted an EOI and subsequent Statement of Qualification ("SOQ") must apply afresh. Parties, which submit an EOI will be, dispatched a Request for Statement of Qualification ("RSOQ"). An early submission of EOI will allow parties maximum time for completion of their SOQ that must be submitted to PC no later than 1700 hours on October 01, 2011.
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