Sale of KE shares subject to National Security Certificate issuance: privatisation ministry

ISLAMABAD: The sale of shares of K-Electric (KE) is subject to the issuance of National Security Certificate (NSC) from the government of Pakistan through the Privatization Commission of Pakistan.

This was informed during a meeting chaired by Federal Minister for Privatisation Daniyal Aziz with representatives of Shanghai Electric Power Company (SEP) regarding the ongoing transaction of 66.40% shares of KE.

The panel included secretary and senior officials of Privatization Commission (PC) and the legal & financial representatives of SEP.

“PC approached line ministries/regulatory bodies to seek their response as part of its due diligence before issuance of NSC. The matter related to issuance of NSC will be completed shortly after the preliminary requirements are fulfilled. The work in this regard is going on fast track basis to finalize the subject transaction,” said a statement issued by the privatisation ministry.

Daniyal Aziz appreciated the presence of SEP in power sector and termed it a positive sign for the rescue of power sector in Pakistan. He further said that SEP’s investment in power sector could bring the economy on sound footing.

It is worth remembering that SEP entered into a sale and purchase agreement with the Karachi-Electric on October 28 2016. It is an important Chinese company of repute and already working in Pakistan.

The federal minister for PC directed to expedite the process and further stated that the government of Pakistan was committed to strengthen the sector through massive foreign investment.