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The Cabinet Committee On Privatisation (CCOP) while approving the inclusion
of UBL IPO in the Privatisation Program directed the Privatisation Commission
to initiate process of the listing and Initial Public Offering (IPO) of United
Bank Limited (UBL) giving preference to the small applicants in line with the
government's policy of Privatisation for the People. The CCOP meeting held
under the chairmanship of Prime Minister Shaukat Aziz here today.
The meeting approved the transaction structure for
Karachi Electric Supply Corporation (KESC) thereby allowing Privatisation
Commission the sale of 51 to 73 % shares of KESC to a strategic buyer. The
meeting was informed that the bidding for KESC has been scheduled in December
2004. The Prime Minister said that the privatisation of the utility was of
critical importance, as the private investor would turn the company around by
increasing efficiency thereby bringing relief to the consumers.
The CCOP gave go ahead for the transaction structure for privatisation of
National Investment Trust Limited (NITL) with the direction that the interest
of small unit holders be protected while processing the transaction. The
meeting gave approval for the sale of 51 % equity of National Refinery Limited
(NRL) and the sale of ICP Shell Company as an 'ongoing concern'.
The CCOP decided that the land and building of Lasbela Textile Mills may be
given to Government of Baluchistan for establishing a University for
Agriculture, Bio Medical and Water Sciences to meet the educational
requirements of the Province. The CCOP directed the Privatisation Commission
to sell the plant and machinery of the Unit separately. Earlier, attempts to
privatise the unit had not succeeded.
The meeting allowed the inclusion of Printing Corporation of Pakistan Press (Pvt)
Limited (PCPL), Tomato Paste Plant, in the Privatisation Program and gave go
ahead for completing the process of privatisation of International Advertising
Limited (IAL).
The respective Federal Ministers, Secretaries and other officers of the
concerned Ministries/Divisions attended the meeting.