Ownership of Heavy Electrical Complex transferred to IMS Engineering

The privatization of the Heavy Electrical Complex (HEC) has been successfully
concluded as the ownership of the entity was formally transferred to M/S IMS
Engineering (Pvt) Limited. The ceremony, graced by Caretaker Federal Minister for
Privatisation Fawad Hasan Fawad, marked the conclusive handover of share
certificates to the buyer.
In a remarkable transaction valued at Rs 1.4 billion, IMS Engineering not only
completed the full payment but also assumed additional liabilities of 752 million
rupees owed to the Bank of Khyber, following the issuance of a No Objection
Certificate (NOC) from the bank.
Acknowledging the collaborative efforts, Minister Fawad extended
congratulations to the diverse stakeholders involved, recognizing the pivotal roles
played by entities such as SIFC, State Bank of Pakistan, Ministry of Finance,
Ministry of Industries, Chief Secretary KPK, Bank of Khyber, the Financial Advisor,
and the Privatization Commission in sealing the sale agreement.
Chairman of IMS Engineering, Mahmoud Haq, outlined ambitious plans aimed at
optimizing the facility’s potential. He shared intentions to leverage state-of-the-
art German-made machinery, replacing the current setup, and meeting both local
demands, currently fulfilled through imports, and global markets. With
projections foreseeing exports of 250-300 million dollars within the next two to
three years, the transformation promises a substantial shift in productivity.
Expressing support for this transformative journey, the federal minister conveyed
optimistic aspirations, anticipating heightened productivity, job creation,
increased tax revenue, and bolstered foreign exchange earnings for the nation
through this strategic privatization move.