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The Privatisation Commission Board members meeting reviewed the progress
and status of the privatisation of various ongoing and upcoming transactions
under the chairmanship of Dr. Abdul Hafeez Shaikh here today.
Addressing the meeting the Minister said that the government was committed to
the transparent and expeditious privatisation of the Public Sector entities
through a competitive process to bring in top class management from the
private sector for the financial improvement of the entities and quality of
the services.
He informed the meeting that the bidding for the privatisation of Habib Bank
Limited (HBL) would be held as per schedule on December 29, 2003 in the
presence of the representatives of the print and electronic media.
The meeting including the representatives of Ministry of Finance and the State
Bank of Pakistan expressed their satisfaction over the capabilities and
experience of the three pre-qualified parties for the bidding of HBL. These
parties include Agha Khan Fund for Development, Central Insurance Company
Limited and State of Qatar Supreme Council for Economic Affairs and
Investment. All the key issues had been resolved and the bidding process had
been made known to the potential pre-qualified bidders, the meeting was
informed.
Dr. Hafeez Shaikh suggested to the Board that in accordance with the decisions
of the CCOP it should be mandatory for the prospective bidders for Falettis'
Hotel that the successful bidder would preserve the cultural, historical and
aesthetic value of the Hotel. The new buyer would preserve the two rooms,
which had remained under the use of Quaid-e-Azam Muhammad Ali Jinnah and
Justice A.R. Cornelius, as cultural heritage, he added. The Board agreed with
the proposal.
The meeting also gave go ahead for National Refinery Limited (NRL)
privatisation through a Financial Advisor. The senior officials of the
Ministries of Finance, Defense, Tourism & Culture, Petroleum & Natural
Resources and PC were also present in the meeting.