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The Privatisation Commission Board, which met here today under the
chairmanship of Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation &
Investment, pre-qualified eight parties for entering into the data room for
the due diligence of Pakistan Steel Mills Corporation (PSMC) while three
parties were conditionally pre-qualified subject to the formalities of
additional information by them. The data room is expected to open in the first
week of December 2005. The privatisation of PSMC is at an advanced stage.
The meeting was informed that the Privatisation Commission is inviting
Expressions of Interest ("EOI") from reputed International and/or Pakistani
entities (solely or as part of a consortium) for the divestment / sale of
management rights of the funds under the management control of NITL, a Unique
Opportunity to Acquire Management Control rights of open-ended mutual funds.
The PC intends to split the Fund under management of the National Investment
Trust Limited ("NITL"), the National Investment (Unit) Trust ("The Fund") into
a number of parts and divest / sell the right to manage the funds. To take the
Pakistan Petroleum Limited (PPL) transaction forward the PC Board formed a
Committee with two PC Board members, senior representative of Balouchistan
Government and the MD PPL as its members. The Board also gave approval to the
criteria for the pre-qualification of prospective bidders for the strategic
sale of SNGPL and SSGC and constituted pre-qualification Committees.
The meeting was informed that the successful bidder for KESC, the consortium
of Hasan Associates with Al-Jomiah Group of Kingdom of Saudi Arabia has
deposited US $ 100 million out of the total bid offer of Rs.20.24 billion and
LOA has been issued to them while the remaining proceeds would be received by
the end of the current month, followed by handing over the management control
of the company to the consortium. After receiving the total proceeds of Rs.3.
204 billion from Bestway Cement Ltd for the sale of 85.29 % shares (10,507,934
shares) of Mustehkam Cement Limited (MCL) at the rate of Rs.305 per share and
Rs.128 million from Mr. Mohammad Umar Memon of Sadaf Enterprises, Karachi for
the machinery of Bolan Textile Mills both have been handed over to the
successful buyers, the meeting was apprised.
The Secretary Privatisation Commission Mr. M. Tahsin Khan Iqbal conducted the
meeting while the senior officials of the respective Ministries, departments
and organizations attended the proceedings.