STAFF REPORT ISB: The Saudi firm has taken over National Power Construction Corporation (NPCC) following bidding of disinvestment of 88 percent government shares in the company.
The bidding process was supervised by Chairman Privatization Commission, Muhammad Zubair Umar. Sixteen parties had expressed interest in bidding process and seven were eventually scrutinized on the recommendations of the financial advisers as the pre-qualified parties in May last year. Saudi based company M/s Mansour Al Mosaid was declared as successful bidder as it quoted the highest offer of Rs 1420 per share. The overall amount of 88 percent thus valued at Rs 2.49 billion. The reset of 12 percent shares of NPCC are owned by company`s Employees Empowerment Trust.
Muhammad Zubair Umar said while talking to media, “The total assets of NPCC were estimated to be Rs 6,550 million, with liabilities amounting to Rs 4,801m and total equity at Rs1,748 m”.
NPCC was established in 1974 by the Government of Pakistan. It is a profitable company and has successfully completed projects worth $814 million all over the Middle East and North African region. It is noteworthy that NPCC remained one of the 11 major clients of M/s Mansour Al Mosaid.