Privatisation Commission Invites Expression of Interest for Privatisation of 96 % Shares of Heavy Electric Complex
Islamabad: In order to offer a unique opportunity to private sector to acquire minimum 96% GOP shares in Heavy Electric Complex (HEC) as approved by the Cabinet Committee on Privatisation (CCOP), the Privatisation Commission (‘PC’) has invited Expression of Interest (EOI) from prospective investors, industrial companies and groups, consortium of investors with demonstrable ability to own, efficiently manage and operate the company through acquisition of minimum 96% GOP shares of HEC.
Heavy Electrical Complex (HEC), one of the industrial units of State Engineering Corporation, is engaged in the manufacturing of power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV. In addition, the HEC undertakes repairs and refurbishment of old and damaged power transformers upto 500 KV.
HEC was incorporated as a private limited company in year 1991 and commenced commercial operations in year 1997. HEC is located in Hattar Industrial Estate about 65 Km from country’s capital Islamabad.
HEC has six main manufacturing shops namely Machine shop, Winding shop, Insulation shop, Core shop, Fabrication shop and Assembly shop. In addition HEC has an oil purification shop, high voltage test laboratory equipped with overhead travelling cranes. HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid stations equipments for meeting demand of the products in domestic and foreign markets.
The interested parties have been asked to furnish their EOI (in duplicate) giving details such as: Name of Company / Group, Place and Date of Registration and its background information; Details of ownership/group structure along with copies of Computerized National Identity Card (CNIC) / Passport Nos. of the Directors / Partners; Name, Address, Telephone, Mobile, Fax, Email of the authorized Focal Person to be contacted no later than October 01, 2011 along with a non-refundable processing fee of US$ 5,000/- or PKR 425,000/- payable in the form of a bank draft / pay order in favour of ‘Privatisation Commission.
Parties submitting an EOI will only be dispatched a Request of Statement of Qualification (RSOQ) document, which shall form the basis of pre-qualification. An early submission of EOI will allow the interested parties maximum time for completion of their Statement of Qualification (SOQ) document, which must be submitted to PC no later than on October 15, 2011. The parties who are interested in the HEC transaction must apply fresh except the parties who have submitted an EOI and subsequent SOQ in response of PC advertisement dated May 05, 12, and 21, 2011.
The Successful Bidder shall continue to operate HEC manufacturing facility as going concern. Up to 4% shares are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS).
For more information, contact:
5-A EAC Building Constitution Avenue, Islamabad- Pakistan
Tel: +9251 920 5146 -47
Fax: +9251 920 3076