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Finance Minister, Senator Mohammad Ishaq Dar chaired the meeting of Cabinet Committee on Privatization (CCOP) on 15 September, 2014 at the Finance Ministry. Chairman Privatization Commission, Mr. M. Zubair in his presentation sought approval for the “Transaction Structure for the Divestment of up to 10% GOP shares in Oil and Gas Development Company Limited (OGDCL) through capital markets”. The recommended Capital Market Transaction Structure envisages offering shares to the institutional international and domestic investors through a combined international Book Building process. International investors will get an option to buy either Ordinary Shares or GDRs or both;                                

Transparency International-Pakistan (TI-P) has made erroneous allegations against the Privatisation Commission and the process for appointment of Financial Advisers with respect to a number of mandates .....read more;

                              

To be clear, no financial advisory mandate has been awarded to Haidermota BNR & Co. The financial advisers appointed / selected by the Privatisation Commission in the recent mandates are as follows:1.PIA – Consortium led by Dubai Islamic Bank 2.FESCO – Consortium led by United Bank Limited and Ernest & Young 3.NPCC – Consortium led by KASB 4. NPGCL – Consortium led by United Bank Limited and Ernest & Young 5.UBL – Consortium led by Credit Suisse, Arif Habib Limited and Elixir Securities 6.OGDCL – Consortium led by Merrill Lynch International, Citigroup Global Markets Limited and KASB Bank Limited;                               

Such false and defamatory public statements by TI-P will lead to excessive loss to the exchequer by potentially de-railing the open, transparent and competitive bidding process, carried out by the Privatisation Commission for appointment of the Financial Advisers. It will also deter much needed local and foreign investment and restructuring in key Public Sector Enterprises (PSE’s) including the Power, Oil & Gas and Infrastructure sectors;                                

Finance Minister Senator Mohammad Ishaq Dar chaired a meeting to review the progress made by the Privatisation Commission in the divestment of entities already approved by the Cabinet Committee on Privatisation (CCoP), on 8th July 2014 at the Finance Ministry;                                

Minister of State for Privatisation, Mr. Muhammad Zubair, in a detailed briefing, explained that the Commission has been working with total commitment to follow the timelines given by the CCoP to complete the transactions already approved by the Committee. He updated the Finance Minister on the progress being made so far in the regard;                                

He said that, as the first step towards divestment of shares in state owned entities, PPL and UBL have already been sold through the capital markets. The results are very encouraging and there has been an over whelming response in the capital market. He informed that the work on the OGDCL transaction is being done on the fast track and the transaction will be completed by September, 2014;                                

Finance Minister said that the recently completed successful transactions of shares in UBL and PPL have resulted in enhancing investors’ confidence in the reform policies of the government. He emphasized that during the whole process Privatization Commission will have to maintain transparency and fairness at all levels of the transaction. He added that there will be no compromise on two basic principles; transparency and fair price for the transaction. He stressed that no GOP share will be sold for less. He added that, we should strive for maximizing participation from both foreign and domestic investors and fetch in the best price possible for our country;                                

Prime Minister Muhammad Nawaz Sharif has congratulated Privatization Commission of Pakistan on the successful conclusion of Pakistan Petroleum Limited (PPL) capital market transaction;                                

Prime Minister has said that the transaction has been a mega success, far better than any such transaction in our capital market history and it has broken all previous records;                                

PM said that it is the faith and trust of investors in our economy that government received more than 143 million shares (Rs. 30 billion) bids as against offering of 70 million shares (Rs. 14.3 billion) which is more than double the amount;                                

Mr. Zahid Hamid chaired a meeting of the Cabinet Committee on Privatization (CCoP) on June 25, 2014 to consider floor price of GOP shares in Pakistan Petroleum Limited (PPL);                                

The CCoP approved the recommendation of the PC Board regarding the floor price for Book Building process for the offer of GOP shares in PPL transaction which is scheduled to start at 9 am PST tomorrow and will conclude at 5:00 pm PST on Friday June 27, 2014. The ‘Strike price’, i.e. price of PPL share determined/discovered on the basis of Book Building and at which price PPL share will be offered to successful bidders, will be determined through the Dutch Auction Method;                                

11th Meeting of the Board of Directors of the Privatisation Commission was held on 12/9/2014;                                


 

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 CHAIRMAN'S REVIEW



Mohammad Zubair


Privatisation is an important policy tool for generating growth and addressing structural imbalances by removing artificial barriers and opening up the economy to competition. Privatisation program is part of the economic reforms agenda of the Government that along with deregulation, restructuring and good governance seeks to enhance growth and productivity in the economy by harnessing the private sector’s capital and managerial potential as engine of growth and gradually decreasing Government’s role to providing level playing field and favourable business climate. The Government will, therefore, systematically come out of the “business of running businesses” and industry through privatization of public enterprises (PEs) and confining its role to:

  • Making policy and providing good governance

  • Providing a sound and effective regulatory framework

  • Ensuring social equity economic justice

  • Providing enabling environment, including physical and technical infrastructure and social services.....read more

 WAY FORWARD

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 VISION FOR THE FUTURE

Privatisation is an important economic reform policy tool for generating growth and to erase structural

inefficiencies by removing false barriers and opening up the economy to competition. The Privatisation program is part of the economic and structural reforms agenda of the Government that along with deregulation and good governance seeks to enhance the growth and productivity of Pakistan’s economy by harnessing the private sector as its engine of growth. It takes an integrated approach towards enhancing the private sector’s role and goes beyond just a transfer of public assets to the private sector by identifying the linkages and role of regulation, good governance, market competition in fostering....read more


Our long-term vision is a government that focuses on good governance and regulation, while

fostering conditions to provide incentives for the private sector to invest, in providing goods and services efficiently. This would generate employment opportunities, which is necessitated by business development and would ultimately decrease unemployment and poverty alleviation. In short, we believe that the Government has no business being in business. The Privatisation Commission can help to put business into the right hands while freeing the Government to focus on such matters as ensuring law and order and making sure that the enabling framework is conducive to investment while being fair to consumers and the taxpayers....read more


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