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Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation and Investment
directed that the process of privatisation of various public sector
entities including KESC, KAPCO, CTI, NRL, PCP and ICP be accelerated. He said
this while chairing the Meeting of the Board of the Privatisation Commission.
The Minister also directed that procedural hindering/bottlenecks in the
transactions should be cleared on war footings in order to pave way for a
transparent and smooth privatisation of the units.
The PC Board decided to hold pre-bid meeting for KESC transaction on
October 7th and bidding by end of November. The exact date would be
finalized in consultation with the prospective bidders.
The Board approved the transaction structure for the sale of the National
Refinery Limited (NRL) and also approved the criteria for pre-qualification of
bidders for the strategic sale of NRL. The recommendations of the Board
will now be placed before the Cabinet Committee on Privatisation (CCOP) for
approval.
The PC Board also reviewed the Carrier Telephone Industries (CTI)
transaction and directed that the transaction should be brought to the point
of sale at the earliest. It may be recalled that the Government has earlier
decided to divest 53% of its share holding in the CTI.
The meeting also decided to set up a Committee to expedite the IPO of
KAPCO so that the public offering could take place by October / November. The
PC Board also approved the inclusion of Printing Corporation of Pakistan
Press, Lahore in the privatisation programme.
A presentation was given to the Board on various options for
privatisation of Investment Corporation of Pakistan (ICP) as it stands after
transfer of management rights and recommended suitable structure for
approval of the CCOP.
The meeting was also attended by the Secretaries and other officers of the
Ministries/Divisions etc. concerned.