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The successful and the transparent privatization of National Refinery
Limited (NRL) and Pakistan Telecommunication Company Limited (PTCL) has given
big boost to Pakistan's Privatisation Program and the process. Dr. Abdul
Hafeez Shaikh Federal Minister for Privatisation & Investment stated this
while addressing the Share Purchase Agreement (SPA) ceremony for the sale of
51 % strategic stake in NRL here today.
Dr. Shaikh said that we were proud to conduct privatisation of 27 transactions
in most transparent manner and without lay off of a single employee, which he
termed as pro-employee privatisation, restoring the investors confidence in
Pakistan's Privatisation Program and the process. The privatisation targets
could have not been achieved without the support from the top level in the
government and the Privatisation Commission enjoyed full support of President
Musharraf and Prime Minister Shaukat Aziz in this regard, he said.
The Minister while talking to the newsmen said that during the past two years
PC has realized proceeds worth Rs.260 billion through the privatisation
process, which was a record as compare to first ten years of the privatisation
process, which yielded Rs.60 billion while during the first three years of
General Musharraf's government the proceeds worth Rs.36 billion were realized.
As per PC Ordinance, the 90 % of the proceeds were being used to retire debt
while 10 % were meant for poverty alleviation program, he added.
He further stated that GoP shares of seven companies were divested among 0.8
million people to the tune of Rs.23 billion, which in terms of value have
increased to Rs.35 billion under the government's program, Privatisation for
the People'. The privatisation of PSO, PPL, Pakistan Steel Mills, Karachi
Shipyard, NIT, Mustehkam Cement would be under taken in future and their
timings would be made known as and when these would be decided, he said.
Earlier, Mr. M. Tahsin Khan Iqbal Secretary Privatisation Commission and Mr.
Shuaib Malik of Attock Oil Group of Companies signed SPA documents and the
Secretary PC handed over the 51 % shares certificates with transfer of
management control documents to AOGC representative.