Islamabad May 4 (TNS): The Federal Minister for Privatisation, Daniyal Aziz said on Friday that the investment of Shanghai Electric Power Company in power sector could bring the economy on sound footing.
The Federal Minister this while chairing a meeting with representatives of 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 the 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.
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 strengthening the sector through massive foreign investment.
