ISLAMABAD -(Dow Jones)- Three out of five qualified bidders have completed their due diligence process for a 90% stake in the privately-held Pakistani company Heavy Electrical Complex, a Privatisation Commission statement said Tuesday.
The five companies interested in buying the stake include Switzerland's ABB Ltd. (NYSE:ABB) (ABB), France's Areva T&D Holdings Ltd., Siemens (Pakistan) Engineering Co. Ltd. (Karachi:SIEM) (SIEM.KA) and Korea's Iljin Heavy Industries Co. Ltd.
Heavy Electrical Complex is engaged in manufacturing of power transformers and undertakes repair and refurbishment of old and damaged power transformers.
-By Islamabad Bureau; Dow Jones Newswires; 91 22 2288 4212; tuhin.kar@ dowjones.com
(END) Dow Jones Newswires 06-03-08 1113 Copyright (c) 2008 Dow Jones & Company, Inc.