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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment
has urged the general public to prepare their computerized National Identity
Cards and to open their CDC accounts for participating in the upcoming Initial
Public Offering (IPO) of GoP shares in United Bank Limited (UBL). The Minister
stated this while addressing the Privatisation Commission Board meeting here
today.
He asked the officials concerned to simplify the application forms with
necessary information in Urdu to facilitate the general public and to issue
instructions to bankers to the offer to guide and accommodate the applicants
for their convenience and not to repeat the incidents of the recent past.
Dr. Shaikh asked the PC officials and the Lead Manager to start a series of
road shows all over the country, especially in smaller cities, towns and rural
areas for creating awareness among the masses to benefit from the
privatisation process under the government's policy of, 'Privatisation for the
People'. The Cabinet Committee on Privatisation (CCOP) has fixed the offer
size at 200 shares per applicant in order to pass on the benefits to a larger
cross section of the general public and is expected to finalize the offer
price for UBL IPO in its forthcoming meeting.
PC Board was apprised of the progress in the privatisation process of Karachi
Shipyard & Engineering Works Limited ('KSEW'). It was reported that a
Consortium comprising of Orix Investment Bank Pakistan Limited, Terra Marine
S.A. of Switzerland, HTSPE International, Appledore International, KPMG and
Mohsin Tayebaly & Company, had been appointed as the Financial Advisors for
the privatisation of KSEW and had been tasked with presenting the recommended
privatisation strategy for KSEW by June 2005. The Board asked the Financial
Advisors to make a preliminary presentation on the privatisation process of
KSEW in its next meeting.
KSEW is the only shipyard in Pakistan and has facilities for shipbuilding and
ship-repair besides providing general engineering services. KSEW has two dry
docks of 18,000 Tons Dead Weight ('TDW') and 26,000 TDW capacity respectively
and has the capability to build various vessels including Cargo Ships, Oil
Carriers, Bulk Carriers and Warships and Marine Craft including Tugs, Barges,
Ferries, Fishing Trawlers, Dredgers and Special Crafts. Furthermore, KSEW has
the facilities for producing a wide range of heavy engineering products
including Heavy Steel Structures, Pressure Vessels, LPG Storage Tanks,
Industrial Boilers, Overhead and Portal Cranes, complete Sugar and Cement
Plants, etc.
The Board approved the mode for the transfer of KAPCO shares to WAPDA
employees and took note of current status of various ongoing and upcoming
transactions including Pakistan Telecommunication Company Limited (PTCL), Pak
Arab Fertilizers Limited (PAFL) and National Refinery Limited (NRL) and issued
directions for expediting the same. PC Board also constituted a committee for
the pre-qualification of potential bidders for Pakistan State Oil (PSO).
The PC Board members and the senior officials of the respective ministries and
departments were present during the meeting.