Home Economics & Business Privatization Policy approved to buy 26% shares

Privatization Policy approved to buy 26% shares


ISLAMABAD: The Cabinet Committee on Privatization on Tuesday approved new Privatization Policy based on concept of public-private partnership and divestment of 26% shares of the state owned entities. The policy, cleared at the meeting held under the chairmanship of Advisor on Finance Shaukat Tarin, envisages transfer of 12% shares of all state owned enterprises to the workers of these entities.

Later briefing newsmen, Minister for Privatization Syed Naveed Qamar said that the new privatization policy is aimed at improving performance of the organization and not earning money. He said the committee approved privatization of Peshawar, Faisalabad, Hyderabad and Quetta power companies.

He said the meeting also approved privatization of SME Bank, National Power Construction Company, Pakistan Railways, Heavy Electrical Complex, Pakistan Machine Tool Factory, PTDC Motels and Restaurants, Utility Stores Corporation, Pakistan Post and Kot Addu Power Company.

The Minister said the meeting allowed leasing out of thermal power stations of Jamshoro Power Company Limited ensuring that the lease agreement stipulates time limit for enhancing production capacity of the leased units. He said the Cabinet Committee also approved a proposal for agreeing to the request of successful bidders of Falettis Hotel Development Private Limited to develop hotel site in accordance with the site plan and complete the project in three years.-SANA



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