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The Privatisation Commission has finalized the Privatisation schedule for
October 2003 in its Board meeting, which held under the chairmanship of Dr.
Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment here
today.
Regarding the Power sector transactions the meeting decided to advertise
Karachi Electric Supply Company in view of the improved investment climate and
market appetite in the transaction. The Data Room for the due diligence of
GENCO-1 Jamshoro Power Company (JPC) had been opened from September 15, 2003
and the parties would complete this process by November 15, 2003 i.e. within a
period of two months, while Faisalabad Electric Supply Company (FESCO) was
passing through the phase of finalisation of the bidding documents, the
meeting was informed.
The PC Board was also informed that the Data Room for the due diligence of
Habib Bank Limited (HBL) by the prospective bidders had been opened and six
parties had been allowed to enter the data room. The PC Board approved the
launching of Public Offering (PO) of additional 3.2 % shares in National Bank
of Pakistan (NBP) from October 8 to 10, 2003 and the Initial Public Offering
(IPO) of 2.5 % shares of Oil & Gas Development Company Limited (OGDCL). It was
decided to give preference to the applicants with smaller denominations in
order to deepen and broaden
The Board directed that the privatisation process of all ongoing transactions
should be completed on fast track basis without compromising the transparency.
The Board constituted a committee comprising of the representatives of
Privatisation Commission, Finance Division, Securities & Exchange Commission
of Pakistan, National Investment Trust and National Bank of Pakistan (Trustee)
for facilitating its privatisation. Besides PC Board members, the senior
officials of Ministries of Finance, Petroleum & Natural Resources, Industries
& Production, State Bank of Pakistan, SECP and PC attended the meeting.