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Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment has
directed the Privatisation Commission to make the Initial Public Offering
(IPO) of 20 % shares of Kot Addu Power Company (KAPCO) to the general public
in small lots through Karachi, Lahore and Islamabad Stock Exchanges by
December end particularly allocating 10 % of the offerings for the employees
of KAPCO as per an earlier agreement with the Workers union and with
preference to smaller applicants in line with the government's policy of
'Privatisation for the People'. He was chairing a meeting to review the
progress and the status of the privatisation process of various on going and
upcoming Public Sector entities. The issue being attractive for the investors
in line with earlier transactions like OGDCL, SSGC and PPL would also receive
overwhelming response, he hoped.
He directed PC officials to start marketing campaign for KAPCO IPO from mid
December in all the major cities of the country by organizing public awareness
campaign for the common investors. Dr. Hafeez Shaikh directed the concerned
officials to launch UBL IPO soon after the completion of KAPCO issue and
maintain the momentum of such public offerings with proper sequencing and to
ensure the early completion of IPO's of State Life Insurance Company (SLIC)
and Pakistan Steel Mills shares and other secondary Public Offerings. The
government was determined to continue with such public offerings to transfer
the benefits of privatisation to the common man and to make them partners in
the ownership of Public Sector Entities, he said.
The meeting was informed that six parties have submitted EOIs for acting as
lead manager for UBL IPO and their pre-qualification would be completed during
the week for appointment of Lead Manager. So far, 400,000 citizens of the
country have been benefited through such public offerings during the last two
years.
He said that Pakistan's Privatisation Program was pro-employees and
pro-people. Dr. Hafeez Shaikh said that the present government was very much
conscience of the workers rights and was fully committed to safeguard them
while privatizing the public sector entities. No worker has been made jobless
during the past two years of the democratic government of President General
Pervez Musharraf. Under an agreement with APSEWAC, the government has ensured
the payment of Golden Hand Shake to workers who opt for retirement, protection
of service for 12 months and sale of 10 % shares at a discounted rate to the
employees who did not opt for GHS, he said.
The Minister said that 244 employees of National Cement Industries, Dandot
have been paid GHS/ VSS worth Rs.56. 658 million, which was unresolved for the
last ten years while 276 workers of another privatised Unit Suraj Ghee
Industries, Sheikhupura has also been paid Rs.22. 10 million as GHS. In the
case of Kohat Cement Company Limited (KCCL), 245 workers/employees were given
Golden Hand Shake. The remaining 450 workers/employees have been allocated
10% shares of KCCL (11,28,000 shares) at 50% discount from the existing market
value. These shares have been transferred to CDC Account of Kohat Cement
Employees Trust. The workers have been informed to approach the Trust to
collect the shares. The dead assets like Thatta Cement, AC Rohri Cement,
Falatti's Hotel, Kohinoor Oil Mills and Hyatt Regency project have been
revived, which have generated job opportunities and economic activities in
these areas, he added.
The Minister appointed a committee headed by Mr. Iftikharul Haq, Member
Privatisation Commission Board with MD, KESC and PC Consultant for KESC as its
members to resolve the workers problems prior to the bidding of KESC through
holding meetings with them. The employees' rights should be safeguarded and it
must be ensured that their genuine problems were resolved while removing their
fears and concerns, he instructed.
The meeting was informed that Privatisation Commission has invited Expression
of Interest (EOI) by December 10, 2004 from interested parties for the sale of
machinery of Bolan Textile Mills, a project of Iran Pakistan Industries (Pvt)
Ltd (IPI) situated at Baleli (near Quetta Airport), District Quetta,
Baluchistan.
The meeting also reviewed the progress and the status of the privatisation
process of NRL, FESCO, OGDCL, PSO, PTCL, SNGPL, SSGC, Pakarab Fertilizersand
IAL.