Privatization Minister Sets December Deadline for IMS Engineering to Finalize HEC Purchase

In a decisive move, Caretaker Federal Minister for Privatization, Fawad Hasan Fawad, has issued a directive to IMS Engineering (Private) Limited, the prospective buyer of the Heavy Electrical Complex (HEC), urging them to complete all necessary formalities and paperwork essential for concluding the transaction by the end of December.

As disclosed in an official press release on Monday, the minister presided over a meeting at the Privatization Division to evaluate the progress of the sale and privatization proceedings concerning HEC. Key stakeholders, including IMS Engineering, the Financial Advisor, the Ministry of Industries, and the Bank of Khyber (PSX: BOK), were present during the deliberations.

During the meeting, a comprehensive discussion took place, culminating in the finalization of a roadmap that outlines the steps leading to the conclusion and settlement of the sale agreement.

The directive from the Privatization Minister signals a push towards expeditious completion of the transaction, emphasizing the importance of adhering to the December deadline.

The move comes amidst broader discussions about the economic landscape in Pakistan, reflecting the ongoing efforts to streamline and optimize various sectors.