ISLAMABAD: A meeting of the Cabinet Committee on Privatization (CCoP) has approved on Thursday divestment of 96.6 percent shares of Heavy Electrical Complex (HEC) to the successful bidder, M/s IMS Engineering.

The meeting presided over by Finance Minister Shaukat Tarin on a proposal by the Privatization Commission for the sale/ divestment of all government shares (96.6 percent) of the HEC to the successful bidder, M/s IMS Engineering (Private) Limited against their highest bid of Rs99.999/share amounting to Rs1,410,000,000, the CCoP approved the proposal.

Now, the proposal will be forwarded to the federal cabinet for consideration and approval. The meeting was attended by Federal Minister for Privatization Mohammadmian Soomro, Chairman Privatization Commission Muhammad Saleem, federal secretaries, and senior officials.

Copyright Business Recorder, 2022