KESC sale approved - KESC sale approved By Our Staff...

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KESC sale approved By Our Staff Reporter ISLAMABAD, Sept 26: The cabinet committee on privatisation (CCOP) on Monday approved the sale of 73 per cent stake along with management control of the Karachi Electric Supply Corporation (KESC) to a consortium of Hassan Associates, Al-Jomaih Group of Saudi Arabia and Premier Mercantile at a “matched highest” bid of about Rs15 billion or Rs1.65 per share. A federal minister told Dawn after the meeting that CCOP approved the sale of KESC to a mix of old and new investors forming the consortium but the decision is subject to final ratification by the federal cabinet. Minister for Privatisation and Investment Dr Abdul Hafeez Sheikh, who made a commitment in the morning to brief newsmen after the CCOP meeting about the sale of KESC and PTCL, did not do so and was also not available on his official, residential and mobile telephones. Secretary of Privatization Commission Tehsin K. Iqbal also avoided taking calls from the media. Authoritative sources said the CCOP presided over by Prime Minister Shaukat Aziz did
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This note was uploaded on 10/02/2010 for the course MBA 32343 taught by Professor Samghouri during the Spring '10 term at Karachi Institute of Economics & Technology.

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KESC sale approved - KESC sale approved By Our Staff...

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