CCOP approves privatization of HEC, NPCCL

The Cabinet Committee on Privatization (CCOP), which met here on Thursday with the Federal Minister for Finance, Dr. Abdul Hafeez Shaikh in the chair, has granted approval of privatization of Heavy Electrical Complex (HEC) and National Power Construction Corporation Limited (NPCCL).

The Privatization Commission (PC) had recommended the privatization of the Heavy Electrical Complex on public private partnership (PPP) basis whereby 26% of the shares along with management rights to be transferred to the successful bidder and for the appointment of financial Adviser’ says a statement issued by the Ministry of Finance here.

The Privatization Commission had also recommended for the privatization of the National Power Construction Corporation Limited, which was also approved by the CCOP.

The Committee has also constituted a sub-committee headed by the Federal Minister for Privatization Senator Waqar Ahmed Khan with members Minister for Petroleum and Natural Resources, Deputy Chairman Planning Commission, Chairman SECP, Secretary Finance, Secretary Privatization, and Governor State Bank to Finalize the proposal soon to engage with capital market to submit its report to the committee soon for issuance of equity linked instrument i.e. convertible / exchangeable bonds of oil and gas sector including Oil and Gas Development Corporation Limited (OGDCL) and other entities in consultation with the line ministries.