Economics & Business

Recommendations for CCOP approval finalized

Islamabad: Committee of the Cabinet Committee on Privatisation (CCOP) on issuing equity-linked instruments recommended the Road map and Road Shows for Capital Market Transactions for the Financial Year 2011, presented by the Privatisation Commission (PC) for Exchangeable Bonds of Public Sector Entities (PSEs) in the domestic and international Capital Markets.

The sub committee was chaired by Syed Naveed Qamar Federal Minister for Privatisation here on Friday. The CCOP formed the sub Committee on February 3, 2011 under the chairmanship of the Federal Minister for Privatisation for formulating its recommendations for the issuance of Equity linked Instrument of State Owned Entities (SoEs) in the Capital Market.

The Committee considered the methodology for implementation of the roadmap and agreed in principle to administer jointly the exchangeable transactions in the Oil & Gas sector and listing of other entities by Privatisation Commission and the Finance Division.

\It was also recommended for constituting a steering committee comprising of all the stakeholders i.e. the Deputy Chairman Planning Commission, Secretaries Finance Division, Privatisation Commission, Petroleum & Natural Resources, representatives of State Bank of Pakistan and Securities & Exchange Commission of Pakistan for selection process of Financial Advisor while the sub Committee of the CCOP will supervise the whole process. The Committee also formulated its recommendations for Initial Public Offerings (IPOs) and Secondary Public Offerings (SPOs) of various PSEs for initiating during the current fiscal year. The sub Committee recommendations will be presented in the upcoming meeting of the CCOP for its decision.

Mr. Nadeem Ul Haque, Deputy Chairman Planning Commission, Dr. Waqar Masood Khan, Secretary Ministry of Finance, representative of Governor, State Bank of Pakistan, and Mr. Muhammad Ejaz Chaudhary, Secretary Ministry of Privatisation/ Privatisation Commission attended the meeting.-ONLINE

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Haroon Akram Gill

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