The government has approved the transaction structure for divestment of 96.6% shares of the Heavy Electrical Complex (HEC).
The decision was made in a meeting of the Cabinet Committee on Privatization (CCoP) chaired by Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaik.
Approving the transaction structure for the divestment of HEC shares, Shaikh directed the Ministry of Industries & Production for an early and amicable solution to issues pertaining to regular employees of the complex.
He also instructed the Power Division (Ministry of Energy) to consider extending the validity of ‘Type Testing Licence‘ of Heavy Mechanical Complex.
Meanwhile, the CCoP constituted a committee, to be chaired by the industries & production minister, to improve the transaction structure for Pakistan Steel Mills Corporation in consultation with the newly appointed financial/transaction adviser for further incorporation of market requirements.
In order to fully comply with the requirements of section 35 of the Privatisation Commission Ordinance 2000, the CCoP approved the guidelines for all concerned ministries and divisions to ensure that the management of public sector enterprises falling under the domain of the commission runs smoothly.
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