Hafeez to chair KESC privatization meeting today
By Adnan Rafique

ISLAMABAD—Federal Minister for Privatization and Investment Dr. Abdul Hafeez Sheikh will chair the payment of receiving remaining proceeds on Tuesday (today) amounting to US $ 165 million of Karachi Electric Supply Company (KESC) at privatization commission.
Minister will also chair the transfer of Gop shareholding and management control of Karachi Electric Supply Company (KESC) to the successful consortium of Hassan Associates (pvt) Limited on Thursday Dec 1 at Karachi.
The first installment of the proceeds amounting to US $ 100 million has been received while the buyer would pay remaining bid offer amount US $ 165 million that will follow the transfer of the management control of the company. The buyer would invest US $ 500 million in KESC over a period of three years while during the first phase the buyer will invest US $ 75 million.
The signing ceremony of bid documents and issuance of Letter of Acceptance (LOA) of KESC was held on Nov 1.The bid document for the privatization of the KESC were signed by Secretary PC Tahsin Iqbal Khan and Farooq Hassan of Hassan Associates and MD Aljomah Holding Co and the letter of acceptance was issued to buyer on the payment of US $ 100 million.
KESC has been running in a loss for over a decade and is badly bleeding the exchequer by about over rupees one billion a month. The privatization of KESC will bring better services through professional management, technology and employment benefits. "The measures taken for the interests of the workers include offering of 20 percent increase in salaries to the contract employees and 10 percent shareholding of KESC to the employees," government claims.