The Cabinet Committee on Privatization (CCoP) on Thursday approved the sale of all government shares (96.6 percent) of Heavy Electrical Complex (HEC) to the successful bidder M/s IMS Engineering Private Limited, against their highest bid of Rs. 99.999 per share amounting to Rs. 1,410,000,000 (Rs. 1.41 billion).

The decision was made during a meeting of the committee, chaired by the Federal Minister for Finance and Revenue Shaukat Tarin.

Federal Minister for Privatization Muhammed Mian Soomro, Chairman Privatization Commission Muhammad Saleem, federal secretaries and other senior officials also attended the meeting.

The proposal will now be considered by the Cabinet.

Source: Pro Pakistan