NA body briefs on privatization process of HEC
File Photo

ISLAMABAD, Oct 1 (APP):  The National Assembly Standing Committee on Privatization on Thursday briefed on the privatization process of Heavy Electrical Complex (HEC) and also way forward for bidding and marketing finalization.

The Director General, Privatization Division gave detailed briefing on Heavy Electrical Complex; he informed that Heavy Electrical Complex (HEC) is a subsidiary of State Engineering Corporation (SEC).

The meeting of NA Standing Committee on Privatization was held here in Committee Room of Privatization Commission, Pak-Secretariat, under the Chairmanship of Syed Mustafa Mahmud, MNA for detailed briefing on Heavy Electrical Complex (HEC) Islamabad.

While the senior official on the ministry has informed that the 96.6% shares of HEC are owned by SEC which is fully owned company by Government of Pakistan and is under administrative Control of Ministry of Industries and Production.

It was informed that over the years HEC has continuously last market share in the transformers manufacturing and sale which is even less than 5% in the recent year whereas during last six years, company achieved around 30% of the orders in Power Sector for Transformers.

He also informed that HEC has 18 regular employees.

The Privatization Commission Board in its meeting held on 23rd September, 2020 considered the presentation made by the Financial Advisor on the Transaction Structure it was informed that there are other manufactures present in the market besides direct import of Transformers.

In a meeting held with Ministry of Industries and Production, Co-Chaired by Minister for Privatization and Minister for Industries Production it was proposed that these employees considered be absorbed in SEC parent company.

The meeting was attended by MNAs Zulfiqar Ali Khan Dullah,Umer Aslam Khan, Khurram Shahzad, Faheem Khan, Ms. Syma Nadeem, Muhammad Ameer Sultan, Jamshed Thomas, Siknandar Ali Rahoupoto, Dr. Aisha Ghous Pasha, Minister for Privatization, Parliamentary Secretary for M/o Privatization, beside senior officers from the Ministry of Privatization.