NPCC shares: PC and KASB Bank consortia enter deal for FAS

The Privatisation Commission (PC) on Saturday entered into an agreement with consortia of KASB Bank for Financial Advisory Services (FAS) to execute the disinvestment of 51 percent shares of National Power Construction Corporation (NPCC). The decision of putting NPCC on the privatisation list was approved by the Cabinet Committee on Privatisation (CCOP) in September 2005. Despite several attempts, the entity could not be privatised by the previous regime.
However, some progress has been seen during present government when a pre bid meeting for the privatisation of NPCC was held on March 28, 2009. The interested parties which completed the process of due diligence of the transaction included Pak Elektron Limited (PEL), ICC (pvt) Limited, Al-Tuwariqi Steel Mills, Karachi, Saudi Cable Company Limited, KSA, Alfanar Construction Company, KSA and Zad Investment Company, KSA. The process of privatisation of NPCC was slowed down with changing of portfolio of Naveed Qamar who was appointed as minister for petroleum.
Now, newly appointed Secretary PC Imtiaz Hussain Kazi signed the agreement with KASB Bank. He anticipated that the transaction would be done on fast track basis and take four months in completion. The Financial Advisory consortium comprises KASB Bank, M/s Mohsin Tayebaly and Company (Legal Consultants), M/s Riaz Ahmed & Company Chartered Accountants (Accounting and Tax Consultants) and M/s BARQAAB Consulting Services (Pvt) Ltd (Technical Consultants).
National Power Construction Corporation (Pvt) Limited (NPCC) is a specialist contracting company of Pakistan in construction and management of turnkey power projects, including extra high voltage transmission lines, distribution networks, substations, power generation plants, industrial electrification, external lighting of housing complexes etc. NPCC's major area of operation during the last three decades had been in the Middle East with concentration in Saudi Arabia. NPCC has successfully secured and completed projects valuing over $600 million.