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The pace of privatisation should be further speeded up as the Government is
determined to transfer the public sector entities to the quality players in
the private sector at good price so as to build up the momentum through the
completion of the privatisation of major transactions without compromising our
national interest.
Senator Dr. Abdul Hafeez Shaikh, the Federal Minister for Privatisation &
Investment stated this while chairing a meeting, which reviewed the status and
the progress of the privatisation of various up coming public sector entities.
He said that in order to deepen and broaden the base of the capital market
transactions, maximum efforts should be made to transfer the benefits of
privatisation to the common man.
During the meeting it was decided that the capita market transactions focusing
public offering of National Bank of Pakistan's additional shares, Sui Southren
Gas Company Limited (SSGCL), Pakistan International Airline Limited (PIAL) and
the initial Public offering of Oil & Gas Development company Limited (OGDCL)
shares would be processed expeditiously.
While reviewing the status and the progress of various other up coming public
sector entities in Power, Oil & Gas, Banking & Financial and Industries
sectors the Minister directed the PC officials to take immediate steps for
resolving all the relevant issue concerning Jamshoro Power Company, Faisalabad
Electric Supply Company, Karachi electric Supply Company, Pakistan State Oil,
Pakistan Petroleum Limited, Oil & Gas Development Company, Habib Bank Limited,
Pakarab Fertilizers, Faletti's Hotel and Hyatt Regency Hotel.
The Minister directed PC officials to extend maximum support to all the
prospective bidders for various transactions enabling them to proceed further
towards the completion of the process and to move forward the transactions in
the pipeline. In this regard he issued instructions to make arrangements for
the completion of due diligence by the prospective bidders for Jamshoro Power
Company within a period of two months and also organize a pre-bid for the
privatisation of Habib Bank Limited in October, 2003.
The meeting was also informed that a seminar to create awareness among the
stakeholders regarding the privatisation process and the success stories was
being scheduled in October at Islamabad.
The senior officials and the consultants of PC attended the meeting.