|
23 June 2003 - Pakistan's state-run Karachi Electric Supply Corporation (KESC) is set for privatization by November, according to a report by the official APP news agency.
PricewaterhouseCoopers (PwC), employed by KESC to advise on the divestment, said expressions of interest for the sale of KESC might be called for in July. "PwC has already carried out initial negotiations with potential interested parties," Richard Gladhill of PwC was quoted as saying.
KESC is responsible for supplying electricity to Pakistan's largest city, Karachi, and has been on the government's privatisation list for four years. Its financial health has been a major impediment to its sale.
The utility earlier said the government would convert its huge debt of 92bn rupees ($1.59bn) - most of which is owed to state-run financial institutions - into equity. The firm has a generating capacity of 1,750 megawatts, but produces only around 1,250 megawatts because of the poor state of its infrastructure. The high level of electricity theft within the country has impacted the company's financial position.
The sale of KESC is part of a wider programme of privatisation, which Pakistan launched in 2000.
| 
Articles 
| View all PennWell sites | View all PennWell events
Add RSS Feed
