|
|
|
|
|
Dr. Abdul Hafeez Shaikh, the Federal Minister for Privatisation &
Investment directed that public offering of Sui Southren Gas Company Limited (SSGCL),
Pakistan International Airline Limited (PIAL) and the initial Public offering
of PPL and KAPCO shares should be processed expeditiously. He issued these
instructions while chairing a meeting, which reviewed the status and the
progress of the privatisation of various ongoing and upcoming
public sector entities here today.
He said that the mode adopted for the divestment of shares of various public
sector entities through Stock Market ensured the transfer of the benefits of
privatisation to the people of Pakistan and also deepened and broadened the
capital, he added.
He also directed the refund of the oversubscribed applications for NBP shares
by end October, in order to enable the general public for larger participation
in the Initial Public Offering (IPO) of 2.5 % shares of Oil & Gas Development
Company Limited (OGDCL) shares. It may be recalled that the offer of 3.2 %
shares in NBP received overwhelming response and it was oversubscribed nearly
two times.
The PC intends to offer 2.5 % shares in OGDCL scheduled to be offered to the
general public, including the overseas Pakistanis @ Rs. 32/= per share with a
preference to the smaller applicants of 1000 shares from November 5 to 8,
2003.
While reviewing the status and the progress of various other ongoing
transactions Oil & Gas, Banking & Financial and Industries sectors The
Minister directed PC officials for taking immediate steps for resolving all
the relevant issues concerning Jamshoro Power Company, Faisalabad Electric
Supply Company, Faletti's Hotel and Hyatt Regency Hotel. He also issued
instructions for making arrangements for a meeting with the potential bidders
of Habib Bank Limited and Pakarab Fertilizers by early November 2003
in order to ensure the expeditious completion of these transactions. It was
also decided to hold the bidding for Thatta Cement Company Limited on November
5, 2003.
The meeting also reviewed the progress and the process of Pakistan
Telecommunication Company Limited (PTCL) and PSO, which are at an advance
stage.
He also issued instructions for extending maximum support to the prospective
bidders in order to successfully conclude these important transactions.
The senior officials and the consultants of PC attended the meeting.