Privatisation Commission extends date for Heavy Electrical Corporation Sell-Off
Islamabad: Upon interest shown by the prospective investors and on their request, the Privatisation Commission (PC) has extended the dates for receiving the Expression of Interest (EOI) and Statement of Qualification (SOQ) for the privatisation of 88 % shares of Heavy Electrical Corporation (HEC) on, as is where is basis. The PC has received EOIs from various parties and in order to respond to the interest of the prospective parties and to have more competition through maximum participation the dates for EOI and SOQ have been extended.
The Request for Statement of Qualification (RSOQ) will now be dispatched / emailed on June 11, 2011. PC has asked the interested parties that Statement of Qualification (SOQ) must be submitted to the PC not later than July 02, 2011 during office hours. Information Memorandum, Bid Documents and Time Frame for the Pre-Bid Conference and Bidding Date will be provided to pre-qualified parties only.
The parties are required to submit EOIs (in duplicate) together with a non-refundable processing fee of US$ 5,000/- or PKR 4,25,000/- payable in the form of a bank draft(s) / pay order(s) in favour of ‘Privatisation Commission. All the parties, which shall submit EOI, would be sent Request of Statement of Qualification (RSOQ) for response, which shall form the basis of pre-qualification. The Successful Bidder shall continue to operate company’s manufacturing facility as going concern. However, 12% shares are allocated for employees of HEC through Benazir Employees Stock Option Scheme (BESOS).
HEC is one of the industrial units of State Engineering Corporation engaged in the manufacturing of power transformers of different types (total annual capacity 3000 MVA) with primary voltage rating of 66 and 132 KV. In addition, HEC undertakes repairs and refurbishment of old and damaged power transformers upto 500 KV. HEC was incorporated as a private limited company in year 1991 and commenced commercial operations in year 1997. HEC is located in Hattar Industrial Estate about 65 Km from country’s capital Islamabad.
HEC has six main manufacturing shops namely Machine shop, Winding shop, Insulation shop, Core shop, Fabrication shop and Assembly shop. In addition HEC has an oil purification shop, high voltage test laboratory equipped with overhead travelling cranes. HEC can diversify its manufacturing range by including other products such as instrument transformers, high voltage circuit breakers and other grid stations equipment for meeting demand of the products in domestic and foreign markets.
For more information, contact:
5-A EAC Building Constitution Avenue,
Tel: +9251 920 5146 -47
Fax: +9251 920 3076