May 04, Islamabad – Federal Minister for Privatisation, Mr. Daniyal Aziz chaired a meeting with representatives of Shanghai Electric Power Company (SEP) for the ongoing transaction of 66.40% shares of Karachi Electric Supply Company (KESC). The panel included secretary and senior officials of Privatization Commission (PC) and the legal & financial representatives of SEP *(mentioned at the end). The sale of shares is subject to the issuance of National Security Certificate (NSC) from The Government of Pakistan through the Privatization Commission of Pakistan. PC approached line ministries/regulatory bodies to seek their response as part of its due diligence before issuance of NSC.
The matter related to issuance of NSC will be completed shortly after the preliminary requirements are fulfilled. The work in this regard is going on fast track basis to finalize the subject transaction. The Federal Minister for PC appreciated the presence of SEP in power sector and termed it a positive sign for the rescue of power sector in Pakistan. The Federal Minister further said that SEP’s investment in power sector could bring the economy on sound footing.
It is worth remembering that SEP entered into a sale and purchase agreement with the KES power on October 28 2016, it is an important Chinese company of repute and already working in Pakistan.
The Federal Minister for PC directed to expedite the process and further stated that Government of Pakistan is committed to strengthen the sector through massive foreign investment.