Govt Concludes Privatization of Heavy Electrical Complex

The privatization of the Heavy Electrical Complex (HEC) was concluded with the handing over of the share certificates to the buyer M/S IMS Engineering (Pvt) Limited in the presence of Caretaker Federal Minister for Privatisation, Fawad Hasan Fawad. In a final settlement of the Rs. 1.4 billion transaction the buyer IMS Engineering has not only made full payment but has also taken over additional liabilities of Rs. 752 million payable to the Bank of Khyber. The Bank of Khyber issued an NOC for the conclusion of the transaction. The Minister congratulated all the stakeholders who contributed towards the conclusion of the sale agreement including the SIFC, State Bank of Pakistan, Ministry of Finance, Ministry of Industries, Chief Secretary KPK, the Bank of Khyber, the Financial Advisor and the team of Privatisation Commission. The Chairman of IMS Engineering, Mahmoud Haq expressed that plans for better utilization of the facility are already in place and that they expect to be able to make exports of $250-300 million in two to three years. He also informed that they are replacing the current set up with state-of-the-art German-made machinery and equipment and will also endeavor to meet local demand which is currently met through imports. The Federal Minister wished them success and hoped that the privatization will result in increased productivity, new employment, tax revenue as well as foreign exchange earnings for the country.