Soomro for provision of level playing field to all pre-qualified bidders

Soomro for provision of level playing field to all pre-qualified bidders: Soomro
Soomro for provision of level playing field to all pre-qualified bidders: Soomro

ISLAMABAD, Dec 1 (APP):Federal Minister for Privatization Mohammed Mian Soomro Wednesday said that level playing field was being provided to all the pre-qualified bidders for ensuring utmost transparency.

He said this while chairing a second pre-bid meeting of Heavy Electrical Complex (HEC), said a press release issued here.

The queries raised in first meeting by the potential bidders regarding bidders’ qualification, bidding process and payment structure etc. were addressed.

The minister said that the transaction of HEC was in its concluding stage and we are resolving the pending matters related to the transaction completion along with facilitating the potential investors and added that the HEC transaction/bidding is likely to be completed very shortly.

A detailed presentation was made to the four pre-qualified bidders, and the queries from them were addressed, the earnest money for this transaction was approved and accepted by the bidders is PKR 50 million.

It was also told that Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC) will facilitate the lease transfer to the new buyer and a letter of comfort has also been issued to the company regarding outstanding liabilities.

The financial advisers also gave a detailed briefing about the final bidding process. It was also intimated that upon the request of bidders revised ITB, SPA documents have been shared.

The latest audited accounts of HEC have also been shared with bidders.
The bidders raised a question regarding in hand-orders, to which Federal Minister said that the matter has already been communicated to ECC and it will be resolved before the bidding date.  

He added that the Ministries of Industries and Production, Power and Privatization are in close liaison to resolve all matters of HEC related to land transfer, in-hand orders and liabilities towards KPEZDMC before the final bidding. It is our prime concern to address the concerns and answer the questions raised by the investors to successfully complete the transaction.

Federal Secretary Hassan Nasir Jamy, representatives of HEC, Ministry of Industries & Production, Financial Advisors, bidders, legal advisors attended the meeting.