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The Board of Privatisation Commission, which met under the chairmanship of
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment
approved the recommendations of the pre-qualification Committee for Pakarab
Fertilizers Limited and pre-qualified seven parties while three other parties
were conditionally pre-qualified subject to submission of remaining requisite
information in stipulated timeframe.
Addressing the meeting, the Minister said that the government was determined
to deregulate public sector through transparent and competitive privatisation
process to benefit the common man.
The Minister said that there was immense need to improve various sectors of
the country to bring in efficiencies for providing quality services to the
domestic and commercial consumers. He directed to provide comfort to the
investors through effective policy measures, which should also take due care
of the consumer's interests.
Dr. Hafeez Shaikh said that through the privatisation process the government
had reduced the fiscal burden and the losses and at the same time the
privatized entities had started contributing through generating revenues and
simultaneously adding value to the Government's remaining shareholdings in
such units. The government was committed to the economic and structural
reforms process through the privatisation of the Public sector entities
following a transparent and competitive process, he said.
The PC Board recommended the inclusion of Initial Public Offering of GoP
shares in State Life Insurance Company and Pakistan Steel Mills and allowed to
initiate the process for appointment of Lead Manager for both entities from
the PC panel through a competitive process in consultation with the respective
stakeholders. The respective Lead Manager and the Advisor also gave the PC
Board presentation on the forth coming IPO of KAPCO and the privatisation
status of CTI to take forward these transactions. The Privatisation Commission
Board also reviewed the progress and status of various other ongoing
transactions. While appreciating the performance of Privatisation
Commission, the Board also approved its Annual Report for the year 2004 for
publication.
The PC Board members, senior officials of the respective Ministries and other
organisations attended the meeting.