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PC receives seven EoIs for NPCC

ISLAMABAD — The Privatisation Commission has received seven fresh expressions of interest (EoIs) from the interested parties for acquisition of controlling interests or joint venture of the National Power Construction Corporation (Pvt) Limited (NPCC), a leading power projects construction company of Pakistan with major operation in Middle East and Saudi Arabia.

The parties, which have submitted fresh EoIs, include Arabian Construction Co. Pakistan (Pvt), Limited, Gulf Consortium, a joint venture of Aljomaih Group, Saudi Arabia; Central China Power Group and ELBA International and Associates, Pakistan; JS PE Management Limited, Pakistan, Noor Financial Investment, Saudi Cable Company Marketing, Saudi Arabia; Sinotec, China; and Al Tuwairqi Group, Saudi Arabia.

Among these companies five have also submitted Statement of Qualification (SoQ) within the stipulated period, the PC officially announced on Wednesday. These are: Arabian Construction Co Pakistan (Pvt), Limited, Gulf Consortium, and JS Private Equity Fund , Saudi Cable Company Marketing and Al Tuwairqi Group, Saudi Arabia.

In addition to these fresh EoIs and SoQs received, three of the four potential bidders, which were pre-qualified earlier as a result of previous invitation, have reaffirmed their interest in the transaction. These include ICC (Pvt) Limited, Pakistan; Sachal Engineering Works (Pvt) Limited, Pakistan; and Pak Elektron (Pvt) Limited, Pakistan.

The Privatisation Commission board has constituted a six-member Committee for the pre-qualification of the parties for taking part in the privatisation process of National Power Construction Corporation Limited (NPCC). The committee is headed by Iftikhar ul Haq, member PC board with Mahmood Nawaz Shah, member PC board and senior representative of ministry of water and power, finance division, planning and development division and Privatisation Commission.

The PC had invited EoIs from financially sound local and foreign investors with management capability, contracting experience as well as experience of electrical wire installation interested in either acquiring 51 per cent interests in NPCC along with management control or a joint venture with the government.

NPCC’s major area of operation during the last three decades had been in the Middle East with concentration in Saudi Arabia. It has successfully secured and completed projects valuing over $600 million.