Saudi Mansour Al Mosaid wins NPCC bidding

Saudi bidders Mansour Al Mosaid offered Rs 1420 per share price in bidding process today.

The Cabinet Committee on Privatisation (CCoP) had decided to hold the bidding process for strategic sale of government shares in National Power Construction Company.

According to officials three companies were qualified to participate in the bidding process. A consortium of Habid Rafique Construction Company and Frontier Works Organisation (FWO) as well as Zahir Khan Construction Company and a Saudi Company Mansour Al Mosaid had deposited their earnest money.

Chairman Privatisation Commission (PC), Mohammad Zubair had informed the committee headed by Finance Minister Ishaq Dar that 16 parties had expressed their interest in the bidding process and seven were finally selected on the recommendations of the Financial Advisors as the pre-qualified parties on May 8, 2014.

The meeting was further informed that out of all the pre-qualified bidders, three companies finally deposited the prescribed Earnest Money of Rs 100 million along with submission of applications, specified supporting information and prescribed undertakings.

The government has offered its 1.76 million or 88% of the total shares to prospective bidders. The remaining 12% or 240,000 shares are in the hands of the company’s employees under the Benazir Employees Stock Option Scheme.

The NPCC has been consistently profitable over the last 10 years and the balance sheet of the state entity is debt free.