Privatisation of Heavy Electrical Complex completed

ISLAMABAD: The Privatisation Commission of Pakistan on Tuesday completed the privatisation process of Heavy Electrical Complex (HEC) by handing over the share certificates to the buyer M/s IMS Engineering (Pvt) Limited.

In a final settlement of Rs1.4 billion transaction, the buyer IMS Engineering has not only made full payment but has also taken over additional liabilities of Rs 752 million payable to the Bank of Khyber.

The Bank of Khyber issued an NOC for the conclusion of the transaction, said a press release.

Speaking on the occasion, Caretaker Minister for Privatisation, Fawad Hasan Fawad congratulated all the stake holders who contributed towards the conclusion of the sale agreement including the SIFC, State Bank of Pakistan, Ministry of Finance, Ministry of Industries, Chief Secretary KPK, the Bank of Khyber, the Financial Advisor and the team of Privatization Commission.

The Chairman IMS Engineering, Mahmoud Haq expressed that plans for better utilization of the facility are already in place and that they expect to be able to make exports of $250-300 million in two to three years.

He also informed that they are replacing the current set up with the state of the art German made machinery and equipment and will also endeavor to meet local demand which is currently met through imports.