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The Cabinet Committee on Privatisation (CCOP) discussed the upcoming
offerings of Pakistan International Airline Corporation (PIAC), Pakistan
Petroleum Limited (PPL) and Kot Adu Power Company (KAPCO) shares and finalized
the relevant details. The CCOP reviewed the performance of these three
companies in the overall economic scenario, which was improving with growth in
overall manufacturing of 17.1 % and overall GDP growth of over 6 % resulting
in double-digit growth in energy consumptions.
The CCOP met under the chairmanship of Mr. Shaukat Aziz, Federal Minister for
Finance here today. The Committee decided that the subscription for PIAC would
commence from June 7, 2004 and to continue upto June 9, 2004 with minimum lot
size of 500 shares for the benefit of small investors. The Committee also
decided that the offering of PPL and KAPCO shares be targeted for June & July
2004.
CCOP also reviewed the overall progress of the privatisation transactions and
noted with satisfaction the performance of the units privatised one year
before. The meeting was 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 government
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.
The Federal Minister for Finance appreciated the performance of Privatisation
Commission and encouraged the Privatisation Commission to continue on the path
of growth and performance. The meeting was attended by the Federal Ministers
for Privatisation & Investment, Water & Power, Federal Secretaries of the
respective Ministries, Deputy Chairman Planning Commission and other senior
officials.