WorldStage Newsonline-- The Bureau of Public Enterprises (BPE) said on Friday that it has today released the final industry and transaction documents to the 152 potential investors interested in the privatisation of Power Holding Company of Nigeria (PHCN).
BPE according to a statement said the 13 bid documents were sent to the potential investors on Friday, May 11, 2012 in keeping with the revised timeline for the privatisation of the successor companies created from the unbundling of PHCN.
BPE said the transaction documents are: Share Sale Agreement; Shareholders Agreement; Performance Agreement; and Concession Agreement and the industry documents are: Gas Sale and Aggregation Agreement; Gas Transportation Agreement; Bulk Power Purchase Agreement (Thermal); Bulk Power Purchase Agreement (Hydro); Vesting Contract; Transmission Use of System Agreement; The BPE had on March 30, 2012 issued the revised industry and transaction documents to the bidders and informed them that the privatisation agency expects to receive all comments on the documents by April 20, 2012. In the wake of bidders’ feedback, another meeting of all industry stakeholders was held in Abuja on May 5 and 6, 2012 to finalise the bidding documents.
The next stage of the privatisation exercise is the harvest of the bidders’ technical and financial proposals which has July 17, 2012 as deadline for generation companies and July 31, 2012 for distribution companies.
The transaction timeline reveals that the evaluation of the technical bids will take place between August 14 and 28, 2012. The National Council on Privatisation (NCP) will approve the results of the technical evaluation on/or before September 11, 2012.
The deadline for the shortlisted bidders for generation companies to submit their letters of credit is September 18, 2012 while October 2, 2012 is for shortlisted bidders for distribution companies.
Consequently, NCP’s approval will pave way for the opening of financial bids of the shortlisted investors.
The BPE will, between September 25, 2012 and October 10, 2012, open the financial bids of prospective investors for the privatisation of the successor companies created from the Power Holding Company of Nigeria (PHCN.)
The announcement of the preferred bidder for the 17 successor companies by the National Council on Privatisation (NCP) will be made on/or before October 23, 2012.