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The Privatisation Commission Board has decided to hold bidding for
Pakistan's top listed blue chip petroleum distribution company Pakistan State
Oil in October 2003. The decision was taken in a meeting under the
chairmanship of the Federal Minister for Privatisation and Investment Senator
Dr. Abdul Hafeez Shaikh here today.
The bidding date for PSO will be announced in consultation with the potential
bidders during the current month. Addressing the PC Board, the Minister
for Privatisation & Investment reiterated Government's firm commitment that
during the process of privatisation of public sector entities there would be
no compromise on national interests and all stakeholders were being taken into
confidence to
proceed further and accelerate the pace of fast track privatisation. The macro
economic stability emerging through the continuity and consistency of the
economic policies had attracted the investors from around the globe, which was
a positive indicator, he added.
PC Board was informed that among the 19 parties who had submitted Expression
of Interest for Habib Bank Limited seven parties had sent their Statements of
Qualification for their pre-qualification, which process would be completed in
August 2003 in collaboration with the State Bank of Pakistan. A Data Room for
the pre-qualified partied will be established during the current month and due
diligence of HBL will start in the first week of September 2003.
The meeting reviewed the progress made with regard to off loading the GoP
shares of Public sector entities through the capital market and decided to
accelerate the share offering activity of OGDCL, SSGC, NBP and PIA. It was
decided that after IPO of OGDCL, IPO of PPL will be taken up by PC for which
directions were issued that preparatory work should commence immediately. The
present government has so far realized Rs. 5.7 billion through the sale of the
shares of POL, DG Khan Cement and ARL.
The meeting also pre-qualified the parties for the privatisation of Jamshoro
Power Company and Faisalabad Electric Supply Company and approved the
transaction structure for National Construction Company for which nine EOIs
had been received.
The PC Board reviewed the progress of the privatisation process of various
public sector entities and formulated its recommendations for the Cabinet
Committee on Privatisation (CCOP), which is expected to meet shortly.
Certain decisions pertaining to post privatisation issues of various units
were also taken. Besides PC Board members, the senior officials of Ministries
of Finance, Petroleum & Natural Resources, Industries & Production, Defense,
Water & Power, Culture & Tourism, State Bank of Pakistan, Securities Exchange
Commission of Pakistan and PC attended the meeting.