Waves submits EOI to purchase Heavy Electrical Complex

Waves Singer Pakistan Limited has shown an interest in acquiring 96.6pc shares of Heavy Electrical Complex (Private) Limited (HEC).

According to a statement received by the Pakistan Stock Exchange (PSX) on Monday, the board of directors of Waves Singer Pakistan Limited has “approved the submission of an expression of interest (EOI) for the acquisition of 96.6pc shares of HEC from the government by way of privatisation process”.

The EOI will be followed by a detailed due diligence process (if the company is shortlisted) and completion of other necessary formalities, the statement read. The results of the due diligence shall be placed before the board for review and discussion and to resolve/approve further course of action in respect of the transaction.

In November last, the Cabinet Committee on Privatisation (CCoP) approved the transaction structure for the divestment of 96.6pc shares of HEC.

According to Privatization Commission, HEC is located in Hattar Industrial Estate, Haripur, in close proximity to the CPEC route, a mere 2km from Kot Najeebullah Interchange on the Hazara Expressway (E35).

Must Read