Government of Pakistan
Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation
(Privatisation Commission)


Subject:     Evaluation Report for Procurement of Financial Advisory Services for the Restructuring and Privatisation of Thermal Power Station (TPS) 1350 MW Muzaffargarh of Northern Power Generation Company Limited (NPGCL)

Privatisation Commission, vide its advertisement dated March 20, 2014, invited Expressions of Interest (EOI) for the appointment of Financial Advisor for the divestment of Government of Pakistan (GOP) shares in NPGCL from the Interested Parties (IPs), having demonstrable track record of successfully managing sector related transactions. Meanwhile, due to numerous requests from the IPs, the same EOI, after seeking requisite approval from the competent authority was re-advertised on April 26, 2014 with the extended date i.e. May 19, 2014. Following three consortia expressed their interest and submitted Technical and Financial Proposals by the due date of May 19, 2014:

S. No. Consortium/Interested Parties (IPs)
United Bank Limited (UBL), Ernst & Young Ford Rhodes Sidat Hyder (EY), Lahmeyer International GmbH (Lahmeyer),
HaidermotaBNR & Co. (HMCO) and Bhandari, Naqvi & Riaz (BN&R) and Excelerate Private Limited (Excelerate)
Burj Capital Pakistan Private Limited (Burj), Islamic Corporation for the Development of the Private Sector (ICD),
Fieldstone Private Capital Group (FS), South Africa and Mohsin Tayebaly & Co. (MTC).
JS Bank Limited, JS Global Capital Limited, Yousuf Adil Saleem & Co. CA, member of Deloitte Touche Tohmatsu
Ltd. (Deloitte), O&M Solutions and RIAA Law


3          Above mentioned IPs were evaluated on the basis of pre-defined and approved technical evaluation criteria and Privatisation Commission (Hiring of Financial Advisors) Regulations 2007. Following IPs obtained 70 points or above in technical evaluation and were deemed pre-qualified:

S. No. Consortium/ Interested Parties (IPs)
UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate
Burj, ICD, FS and MTC.

4          Subsequently, Financial Bids of pre-qualified IPs were opened on July 08, 2014 by the Secretary Privatisation Commission, in the presence of the authorized representatives of IPs. Summary of the cumulative final score based on technical and financial evaluation is tabulated below:

 Sr. Consortium / Interested Party Final Score Ranking
UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate 100.00 1
Burj, ICD, FS and MTC. 79.57 2

5.         Foregoing in view, PC Board in its meeting held on July 22, 2014 approved the appointment of Top Ranked IP i.e. consortium of UBL, EY, Lahmeyer, HMCO & BN&R and Excelerate.