The UK’s NatWest Markets has been appointed to act as privatisation consultant to the Karachi Electric Supply Corporation (KESC).
NatWest with Faysal Investment Bank & Shoaib Capital will act as adviser on the transfer to a private investor of a strategic 26 per cent management stake in KESC. Ten international firms bid for the work. Citibank and NatWest were shortlisted for the job. The other bidders included SG Warburg, Hongkong & Shanghai Banking Corporation, Kleinwort Benson, Morgan Grenfell, CS First Boston, American Express, Prudential Securities and KPMG Peat Marwick (MEED 14:7:95).
Analysts say that KESC has a strong profit-making potential. The Asian Development Bank has granted a $250 million loan to KESC to upgrade its distribution network over the next three years.