Two foreign banks JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are bidding for a role in 2 LNG-fired power plants sale. It will be the biggest privatization in Pakistan in a decade that will raise almost $2 billion
It is being claimed by experts that Chinese and Middle Eastern investors can get interested in the sale of two LNG-fired power plants by the government. 10 bids have been received by Pakistan from different companies seeking for a financial advisory role and expect to pick the banks by March end.
Arif Rafiq, an analyst at the Washington-based Middle East Institute said, “The sale will bring in much-needed foreign currency into the country, complementing foreign government loans and a likely IMF bailout package.”
As per the report, a Pakistan’s Privatisation Commission representative said that the government has made no comment. Also the CICC, Citigroup, CLSA, Credit Suisse, JPMorgan, Standard Chartered, Elixir Securities and Next Capital representatives have also not given any comment to this development. When Lazard, Bank Alfalah, Pak Brunei and Zeeruk were asked about it, they also decided not to respond as of yet.