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After a final decision to privatise Pakistan Telecommunication Company
Limited (PTCL) as a single entity the Privatisation Commission has received
interest from four more major international parties, which is expected to
increase, as the last date for submission of Expression of Interest (EOI) is
January 28, 2005.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment stated
this while talking to media representatives after chairing The Mahbub ul Haq
Memorial Lecture session of 20th Annual Conference organized by Pakistan
Society of Development Economists here today.
Replying to a question Dr. Abdul Hafeez Shaikh termed year 2004 as most
successful. He said that after the general elections the Privatisation
Commission generated Rs.50 billion through 18 transactions within a period of
two years while the earlier three years of General Pervez Musharraf government
the proceeds stood at Rs.36 billion whereas since, the inception of
Privatisation Commission over ten years the proceeds were Rs.60 billion, which
shows average increase per annum.
He further stated that in order to transfer the benefits of privatisation to
the common man 400,000 new share holders were given benefit of Rs.20 billion
due to increase in shares value of public sector entities. We would maintain
this momentum and it would be further accelerated in the year 2005, he said.
Dr. Hafeez Shaikh said that during the last week of current month 20 % shares
of Kot Adu Power Company (KAPCO) would be given to the general public at the
rate of Rs.30 per share through Initial Public Offering (IPO) to the
applicants for 500 shares only for Rs.15000/=. The Cabinet Committee on
Privatisation (CCOP) has also approved the public offerings of United Bank
Limited, Pakistan steel Mills, State Life Insurance Company and the secondary
public offering of OGDCL shares in a sequenced manner, which would further
broaden and strengthen the base of Stock Market, he added.
He said that simultaneously the strategic sale of public sector entities would
also continue. Pakarab Fertilizers Limited and Karachi Electric Supply Company
(KESC) have already reached near the bidding point, he disclosed.
Earlier, paying tribute to Dr. Mahbub ul Haq, the Minister said that he was a
visionary, best economist, man of ideas, one of the best minds this country
produced. Prof. M. Ali Khan of Johns Hopkins University Baltimore USA read his
detailed paper 'On Hayek's Road to Serfdom: Sixty Years later', which was
followed by Q & A session.