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Islamabad, April 7, 2003
The Government is fully committed to privatize the public sector entities with
utmost transparency, competition among quality players and getting maximum
proceeds for our national assets without compromising the national interests.This was stated by Senator Dr. Abdul Hafeez Shaikh, Advisor to the Prime
Minister on Privatisation & Investment while addressing the first meeting of
the newly constituted Privatisation Commission Board, which met under his
Chairmanship here today.
Dr. Hafeez Shaikh further said that the privatisation activity was in the
larger national interest and we would be forthright and aggressive in dealing
with its opponents who may try to create roadblocks. We have lot of liquidity
and interests rates are coming down. This provides a favourable and conducive
environment for privatisation as this excess liquidity looks for investment
avenues.
He acknowledged the role and the services rendered by his predecessors and the
members of the previous Boards.
The PC Board formulated its recommendations for the accelerated
privatisation of Public sector entities for approval of the CCOP, which will
meet under the chairmanship of the Advisor to the Prime Minister on Finance
Mr. Shaukat Aziz, who will chair a meeting of Cabinet Committee on
Privatisation (CCOP) on April 8, 2003.
The meeting reviewed and updated itself on the ongoing process of strategic
sale of Pakistan State Oil (PSO), Pakistan Telecommunication Company Limited (PTCL),
National Construction Company, Habib Bank Limited (HBL).
Privatisation of National Construction Limited (NCL), Faletti's Hotal, Malam
Jabba Ski Resort and 24 PTDC Hotels/ Motels were also discussed besides other
procedural and administrative matters.
The PC Board recommended for approval of CCOP the bidding results of ICP-State
Enterprise Mutual Funds (SEMF). It may be recalled that M/s PICIC were
declared highest bidder for ICP-SEMF when no party could match or their bid of
Rs 786.786 million. The Board will meet again tomorrow to discuss other
privatisation matters, especially the divestment of GoP shares through Stock
Exchange including Public Offering and listing. Power sector transactions will
also come up for discussion.
The meeting was attended by the members of the Board including Mr. Moin M.
Fudda, Mr. Saqib H. Shirazi, Mr. Mahmood Nawaz Shah, Mr. Farid Rehman, Mr.
Kamal-ud-Din Ahmed, Mr. Shakiel Z. Lari, Pir Saad Ahsanuddin, the Secretary PC
Mr. Ahmad Waqar as its Secretary/ Member and senior officials of the concerned
Ministries.