Middle East Economic Survey

VOL. XLVIII

No 7

14-February-2005

Saudi arabia

Saudi-German Group Bid Highest For Pakistan Utility

A consortium comprised of Saudi Arabias Kanooz Al-Watan and Germanys Siemens on 4 February placed the highest bid, 15.86bn rupees ($366mn), for 75% of the Karachi Electric Supply Corp (KESC). The sale of the indebted 1,750mw power plant must be confirmed by the governments privatization committee before the transfer of shares can take place. The Saudi-German consortium...