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BPE Postpones PHCN Privatization

By on February 21, 2012

The Bureau of Public Enterprises (BPE) has rescheduled the sale of the 17 PHCN successor companies till October 2012. This marks the second time the Bureau will postpone the sale,  as they were originally slated to be sold before May 29,2011.

In a statement issued in Abuja by BPE spokesman, Chukwuma Nwokoh, the agency stated that financial bids for prospective investors for the privatization process will now occur between September 25th 2012 and October 10, 2012.

According to the new schedule for the privatization process, the BPE will formally announce the preferred bidder by October 23rd, 2012.

The statement reads, “The Bureau will issue revised legal documents to the bidders on March 30, 2012 while April 20, 2012 is the deadline for receipt of comments by bidders on the legal documents.

“The distribution/issuance of final bid documents is on May 11, 2012. The deadline for submission of technical and financial bids is July 31, 2012.

“The revised transaction timeline reveals that the evaluation of the technical bids will take place between August 14 and 28, 2012. The 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.”

In a letter to prospective investors, the BPE explained it became necessary to shift the transaction timelines due to concerns raised at the Transaction and Industry Review conference held in Abuja last year November.