The federal government, through the Joint Transaction Board (JTB) comprising the
This development, which is coming several months behind schedule, followed the JTB's approval on
The handover of the 10 NIPP plants was scheduled for
But owing to non-completion of some of the projects and pending litigations, the privatisation process is several months behind schedule, while only seven assets are currently being sold.
A source at NCP told THISDAY during the weekend that the
"With the emergence of the preferred bidders on
"When they agree on everything, they will sign the transaction industry documents and this will automatically require the bidders to pay 25 per cent of the acquisition cost within 15 working days from the date of the signing of the transaction industry documents," he said.
He stated that as soon as the Share Sales Agreement is successfully negotiated and the transaction industry documents signed, each of the successful investors will be required to make 15 per cent payment guarantee within 15 working days, followed by the payment of the 25 per cent of the bid price.
According to him, each of the investors will be required to make the balance of the payments within six months, or lose the asset to the reserve bidder.
The initial timetable unveiled by CPCS Global, which is the Transaction Adviser to NDPHC, had scheduled the submission of the bids for the 10 plants for
The original timelines also required the bidders to submit their proposals on
The handover of the 10 Power plants to the investors was also scheduled for
There was also a delay in the constitution of the various committees from BPE,
These committees were set up to evaluate the bids with officials from the
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