Waves Singer Pakistan Limited (WSPL), one of the country’s largest retailer and trader of domestic appliances has expressed interest to acquire the Heavy Electrical Complex.

“The Board of Directors of Waves Singer Pakistan Limited have approved submission of an Expression of Interest (EOI) for the acquisition of 96.6 percent shares of Heavy Electrical Complex (Private) Limited (HEC) from the Government of Pakistan by way of privatization process,” informed the company in a statement.

“The above mentioned EOI will be followed by a detailed due diligence process and completion of other necessary formalities. The results of the due diligence shall be placed before the Board for review and discussion and to resolve/approve further course of action in respect of the Transaction,” the company added.

It is pertinent to mention that the HEC is owned by State Engineering Corporation (SEC), a full-owned company by the government and under the administrative control of the Ministry of Industries and Production.

Over the years, the HEC has continuously lost its market share in the transformers business, which is even less than five percent in the recent years.

In the last couple of years, only in 2016, company served around 30 percent of the market share in the power sector for transformers, primarily in the capacity of a sub-contractor to the PEL. As per earlier reports, the company has been accumulating losses and consequently, the initially injected government equity of around Rs1.5 billion has been eroded to half.