Federal Minister Mohammadmian Soomro and Special Assistant to Prime Minister Mr. Nadeem Baber met with the heads of international and local banks in Karachi on Thursday.
The meeting was attended by, Board members, members of financial advisory consortium,deputy governor State Bank , presidents and group chiefs of NBP, MCB, UBL, ABL, Habib Metropolitan, Bank Al Habib, Bank Alflah, Bank of Punjab, HBL, Meezan Bank and Faysal Bank.
In the meeting debt arrangement for two RLNG power plants of National Power Parks Management Company Limited was discussed. These banks were asked to participate as lenders to successfully complete the subject transaction. Twelve IPs were shortlisted for bidding.
NPPMCL was formed with an objective to reduce the electricity/power demand and supply gap in Pakistan. The GoP is now considering divesting up to 100% of its shareholding in NPPMCL to a potential investor, along with management control.
As part of the privatization process, the Potential Bidders will be required to re-finance GOP/PDFL funding and NPPMCL existing commercial debt through foreign and/or local debt financing.
In order to successfully complete the transaction, it is critical to ensure that Potential Bidders are able to secure sufficient PKR denominated financing. Therefore, participation of local banks is important to provide additional confidence to Potential Bidders for successfully closing the transaction.