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Six pre-qualified parties for Habib Bank Limited will start the due diligence
of the transaction in the DataRoom being opened on September 3, 2003. Dr.
Abdul Hafeez Shaikh, the Federal Minister for Privatisation & Investment
stated this while talking to the mediamen after the open bidding of Associated
Cement Rohri and Thatta Cement Companies here this after noon.
He said that a pre-bid conference will be held after six weeks of the opening
of Data Room to respond to the issues if any come up during the due diligence
by the potential bidders and for better understanding of the transaction and
the bidding process while the bidding would be held before the end of the
current year.
During informal marketing it has been observed that there were parties
interested in the privatisation of Karachi Electric Supply Company (KESC),
which was of great importance for Pakistan, therefore, we were in the process
of re-launching the transaction soon, the Minister added.
Replying to a question the Minister said that after the promulgation of the
deregulation Policy for the Telecom sector we were in the process of
concentrating on the transaction design of Pakistan Telecommunication Company
Limited (PTCL) while retaining the interest of the potential investors who
were already in the run. We intended to ensure the success in the
privatisation of PTCL by making it pro investor and pro consumer as all the
earlier attempts in the past were not proved fruitful, he said.
He further stated that there was no delay in the privatisation of Pakistan
State Oil (PSO) and its bidding date would be settled in October 2003 after
awaited approval of one of the bidder i.e. Kuwait Petroleum from their country
Parliamentary Committee. This transaction was at a very advanced stage and the
liabilities issues had already been resolved, he stated.
Dr. Abdul Hafeez Shaikh informed that the bidders for Faisalabad Electric
Supply Company (FESCO) have been pre-qualified and PC was in the process of
holding a pre-bid conference in this regard. Major issues pending since long
in case of Hyatt Regency Karachi Hotel Project have been resolved and 12 to 14
parties were now interested in this transaction, the Ministeradded.
He said that the present government has realized a significant amount of
Rupees six billion in the shortest span of time of eight month, which had
never been done by any previous government.