SWCC hires privatization advisors
Seven letters of intent have been signed by the governor of Saudi Arabia's Saline Water Conversion Corporation (SWCC), Fehied F Al Shareef, to hire international and local advisors for the state desalination company's Privatization & Restructuring Implementation Program.The initial work consists of eight modules (divided into three branches) for: Strategy, Change Management, Technical, Legal, Accounting, Investment Banking, Human Resources and Information Technology.
The seven advisors are:
Strategy - Booz & Co, for Program Management & Leadership; Organization Restructuring; Detailed Management Plan; Management Processes; Governance Model; and Coordination with External Agencies.
Investment Banking - HSBC, for Tendering Process; Requests for Qualification and Tenders; Road Shows; Investor Qualifications; Bidding Process Management; Bid Evaluation & Management; Closure & Contract Award.
Technical - Fichtner GmbH KG, for Technical Restructuring Activities such as O&M Arrangements, Environmental Monitoring and Facelifting; Preparatory Technical Studies, such as Due Diligence, PPP Contract Benchmarking and KPI Analysis; Necessary Steps for Incorporation of Subsidiary Production Companies.
Legal - Freshfield Bruckhaus Deringer, for Legal Restructuring, such as Incorporation of SWCC, Review Laws, Employment, Environmental, Sale & Purchase Agreements and Ownerships.
Accounting - KPMG Al-Fouzan and Al Sadhan, for Financial Restructuring Initiatives, including Commercial Planning, Budgeting, Finance and Accounting Systems & Procedures.
Human Resources - Hay Group, for Support of Organization Design; Revised Grading & Compensation Structure; Personnel Policies & Procedures.
Change Management - Booz & Co, for Change Management Program; Awareness & Communication; Training Change; Monitoring Change; Actions to Improve Program Effectiveness.
Strategic advisor Booz & Co has already started work in October, and the remaining advisors will follow. The implementation of SWCC's strategy and the first transaction (Yanbu) are expected to be finalized by the end of 2009.