Economics & Business

PC board approves privatisation program 2008-09

ISLAMABAD: In order to make the Privatisation Policy pro-workers, the workers of public sector entities will be given 10 % shares of their respective entities. Syed Naveed Qamar Federal Minister for Privatisation, Investment, Finance, and Revenues & Economic Affairs announced while chairing a meeting of the Board of Privatisation Commission on Thursday. Syed Naveed Qamar who is also chairman of the Privatisation Commission (PC) directed the PC that this decision should be implemented as soon as possible. He also formed a Committee to workout the modalities for the transfer of shares to the workers of State Owned Enterprises.

The Minister further stated that the government was in the process to make the privatisation process as pro-worker and pro-people as possible and to transfer the benefits of privatisation to them in a transparent manner. The employees and the respective stakeholders of the State Owned Entities (SOEs) would be taken on board before initiating the process of privatisation of units already approved by the Council of Common Interests (CCI), he added.

The PC Board was briefed regarding the present status of various ongoing transactions and was informed that a Financial Advisor has been appointed for the divestment of Kot Addu Power Company (KAPCO) shares in the international market through Global Depository Receipts (GDR). The Board was further informed that a pre-qualification committee was finalizing its recommendations, for the pre-qualification of parties interested in acquiring SME Bank, which would be discussed in the next board meeting.

The bid documents for the acquisition of Pakistan Tourism Development Corporation (PTDC)s 26 Motels / Restaurants through a competitive bidding process are being given final shape. The PC received Expressions of Interest (EOIs) from 36 investor(s), Consortium of Investors for PTDC’s Motels / Restaurants, which have been offered to promote tourism, improve the quality of services and foster competition. The PC board was informed that pre-qualification of the parties interested in acquiring National Power Construction Company (NPCC) was at an advanced stage and the due diligence of Heavy Electrical Complex (HEC) by the prospective bidders was in progress.

The PC Board approved the Privatisation Program 2008-09, which includes Hazara Phosphate & Fertilizers Ltd, Heavy Electrical Complex (90 % shares), Jamshoro Power Company (51 %), Faisalabad Electric Supply Co. Ltd. (56 % shares), Printing Corporation of Pakistan (Assets), Pakistan Machine Tool Factory (90 % shares), Morafco Industries Limited (Assets), Sind Engineering Limited (assets), Lakhra Coal Mines Project, Khewra Salt Mines, Pakistan Steel Mills Corp; (10 % shares) through IPO and Services International Hotel.

The Privatisation Program already approved by the Council of Common Interests (CCI) will also be reviewed in due course of time in order to prepare a final list for future privatisation. The PC Board also formulated its recommendations for the Cabinet Committee on Privatisation (CCOP) in order to reprioritize the Privatisation Program. The PC Board member’s senior representatives of the respective ministries/ departments and PC officials attended the meeting. -SANA

About the author

Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *