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Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment
said that the privatisation of United Bank Limited after the transfer of
management control to the private sector have started yielding results for the
national exchequer after the announcement of dividend by the new management
and for the first time since nationalization in 1974 and just over a year
following privatisation, UBL declared a dividend of Rs.1,165,500,000/- @
Rs.2.25 per share. The government will receive Rs.571,095,000/= for its 49 %
shareholding in the bank. He stated this in PTV’s program ‘News Morning’ here
today.
The Minister said that the privatisation was a global trend and a pro-country
process, which enjoyed consensus by all the successive governments. He
informed that so far an amount of Rs.135 billion has been realized through
this process. During the first 10 years privatisation process received Rs. 58.
47 billion and during the three years of General Pervez Musharraf the proceeds
stood at Rs.35. 3 billion and the present Government got Rs. 41. 3 billion
over a period of 18 months, which shows an upward trend and indicates increase
in the momentum.
He said that the privatisation process was also aimed at reviving the dead
units like Associated Cement Rohri, Khoinoor Oil Mills, Hyatt Regency Karachi
Hotel Project and Falleti’s Hotel, Lahore. About Rs. 87 billion were spent for
the restructuring of Karachi Electric Supply Corporation (KESC) over a period
of time and currently it was making a loss of around Rs.15 billion per year,
the banks have lost billions of ruppes whereas this money could have been
utilized for providing basic health, sanitation and water supply facilities to
the general public, he added.
He listed the successes achieved through the Initial Public Offerings of GoP’s
shares in Oil & Gas Development Company Limited and the secondary Public
Offering of Sui Southern Gas Company shares, which received all time record
response from the smaller applicants. Referring to the international
conference on Investment Opportunities in Balochistan, the Minister said that
we have to narrate ourselves the story of Pakistan to create an atmosphere
where provincial, district and local governments could write a new chapter.
President General Pervez Musharraf has become a bridge for the promotion of
investment in the country,which was essential for the economic growth, he
added.
The former Federal Minister for Privatisation Mr. Altaf M. Saleem said that
the Public Sector entities were making a loss of Rs.100 billion every year
while our Tax collection was Rs. 300 billion, foreign reserves were US $ 600
million and the Index was 800 and with the improvement in fundamentals the
reserves and the Index has reached all time higher while the pace of
privatisation was moving forward in right direction, which should be
sustained. He said that it was not advisable to sell the national assets in
haste and no one can think of selling them at a throw away price. During the
three years of Musharraf government the privatisation was given a structure
through the promulgation of Privatisation Law. Now the framework was ready and
it would gradually benefit the people and the country, he added.
The Chairman Karachi Stock Exchange Mr. Arif Habib said the public offerings
initiated by the Privatisation Commission were receiving good response from
the general public. NBP shares offered at Rs.10/=, OGDCL shares at Rs.32/= and
SSGC shares at Rs.26/= have now touched Rs.72/=, Rs.68/= and Rs.34/=
respectively and the government was getting financial reserves through this
process, he stated and added that exercising patience for the strategic sale
of Public sector entities would result in good price and quality players.