Sunday, July 26, 2009

Petitioner wants KESC sale pact made public

The Sindh High Court (SHC) was prayed to direct the Karachi Electric Supply Company (KESC) to make public the sale agreement between Hassan Associates and Al Jomiah Holding and UAE-based new owners Al Abraaj. Filing an application for urgent hearing, Syed Muhammad Iqbal Kazmi, the petitioner maintained that this sale agreement was very crucial to the petition, and presently, the court and the petitioner were unaware of its details.

He maintained that the people of Karachi were suffering due to the changing of ownership of the KESC. The petitioner stated that Al Jomiah obtained a loan facility of $275 million from the International Finance Corporation and the Asian Development Bank, while Rs 12.50 billion were secured from a syndicate of local banks. Despite such huge borrowing, the government was forced by the KESC to pay a subsidy of Rs 1 billion per month and 12 million a year, the petitioner maintained

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