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Tuesday, November 22, 2005
Saudi-Pakistani consortium buys KESC - MENAFN
A Saudi-Pakistani Consortium has purchased the giant state-owned Karachi Electricity Supply Corporation, speeding up the privatisation process.
The Consortium consisting of AlJomaih Group of Saudi Arabia and Hasan Associates-Premeir Mercantile of Pakistan, with Germany-based Siemens as technological partner, has purchased 73 per cent shares of Karachi Electric Supply Corporation (KESC), for $ 340 million from the Government of Pakistan. "The Consortium has paid $100 million as the down payment to the government, State Privatisation Commission (PC) said this week. "The group will deposit the remaining amount before the end of November to take over the management control of the company," PC said.
Government of Pakistan, for now, will retain 26 per cent stake in KESC. One per cent of the company's shares are floated on the Karachi Stock Exchange.
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