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Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment has
directed the Privatisation Commission officials to complete all arrangements
for launching the Initial Public Offerings of United Bank Limited and State
Life Insurance Co. (SILIC) within the stipulated time with proper sequencing
and periodicity. He was chairing a meeting of PC officers and consultants to
review the status and progress of the privatisation process of on going and
upcoming transactions here today.
Dr. Hafeez Shaikh said that the government was determined to transfer the
benefits of privatisation to the maximum citizens of Pakistan under the
slogan, 'Privatisation for the People', which has so far benefited 716,000
common citizens through appreciation in the value of the shares and the
dividend received by them on the shares acquired by them under this program in
OGDCL, SSGC, PPL and KAPCO.
The Minister was informed that the KAPCO shares were being dispatched to the
successful applicants, which would be completed by end-March 2005 while
refunds to unsuccessful applicants have almost been completed. A.K D.
Securities have been appointed Lead Manager for the UBL IPO while process is
under way to appoint Lead Manager for the SLIC IPO.
Dr. Shaikh gave instructions to the concerned officials to finalize the
arrangements for holding bidding for Pak Arab Fertilizers Limited, Faisalabad
Electric Supply Company (FESCO) and Jamshoro Power Company (JPC) at their
earliest.
The meeting also reviewed the status and the progress of the privatisation
process of PTCL, NRL and PSO.