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Islamabad, April 8, 2003
The Cabinet Committee on Privatisation (CCOP), which met here this morning
approved the recommendation of the Board of Privatisation Commission regarding
the bidding results of ICP-State Enterprise Mutual Funds (SEMF) and authorized
PC to issue Letter of Acceptance (LOA) to M/s PICIC the highest bidder for
ICP-SEMF which offered Rs 786.786 million for transfer of the management
rights of this Fund..
CCOP also reviewed the present status of the privatisation of Pakistan
Telecommunication Company Limited (PTCL), Pakistan State Oil (PSO), Habib Bank
Limited (HBL) and issued necessary instructions for the early completion of
these transactions. The meeting also decided to invite fresh Expression of
Interest for Habib Bank Limited (HBL) keeping intact the EOIs received
earlier. CCOP also agreed with the proposal of the Board of Privatisation
Commission that the affairs of ABL which already stands privatized with regard
to the remaining GoP shareholding and the Bank's future be decided by the
State Bank of Pakistan under the Banking Companies Ordinance. The
Privatisation Commission, however, would continue extending full support and
cooperation to the SBP to improve the Bank's operations.
CCOP also agreed to settle the long outstanding claim of the unsuccessful
buyer of Harnai Woolen Mills. The CCOP was also briefed about the ongoing
divestment of Government shares through Stock Exchange. The CCOP was informed
that the Board of Privatisation Commission would discuss and review the future
action plan in this regard in its next meeting and submit its recommendations
to the CCOP soon for approval. Earlier, the Advisor to the Prime
Minister on Finance Senator Shaukat Aziz stated that the Government fully
supported the Privatisation Program as a measure of continuity of economic
reforms. Privatisation is the important engine of economic growth and
contributes towards overall progress and also helps in creation of jobs, he
said. He advised that the Program should be accelerated while ensuring
transparency and professionalism. He further advised that all the Ministries/
Departments should extend maximum cooperation to the Privatisation Commission
in its privatisation efforts.
The meeting was chaired by the Advisor to Prime Minister on Finance Senator
Shaukat Aziz and attended by the Advisor to the Prime Minister on
Privatisation & Investment Senator Dr. Abdul Hafeez Shaikh, Minister for I & T
and Telecommunication Mr. Owais Leghari, Deputy Chairman Planning Commission
and senior officials of the concerned Ministries.