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Every effort will be made to accelerate the momentum of privatisation
process of public sector entities in the overall national interest in
accordance with privatisation law and the program approved by the Council of
Common Interest (CCI). Mr. Zahid Hamid Federal Minister for Privatisation &
Investment stated this while addressing the meeting of the Board of
Privatisation Commission here today.
He said that the basic concept of privatisation was to reduce direct
government involvement in running businesses and to associate professional
private sector for increasing efficiency, production, revenues and fresh
investments and reducing government subsidies in the public sector entities,
by following an open, fair and transparent process.
Referring to the detailed judgment in case of Pakistan Steel Mills Corporation
(PSMC), the Minister said that the government had already implemented the
directions of the apex court by making the Council of Common Interest (CCI)
functional within the period of six weeks stipulated in the short order. In
its first meeting on August 2, 2006 the reconstituted Council had reaffirmed
the approval obtained in 1997 for the privatisation of PSMC. The PSMC
privatisation process would be started de novo, he added. The Minister pointed
out that the Supreme Court had also upheld the Privatisation Commission
Ordinance 2000 not to be ultra wire the constitution which means that the PC
would be able to vigorously pursue the approved privatisation program in
accordance with the rules and regulations of course keeping in view the
observations of the Supreme Court of Pakistan.
The PC Board constituted a committee for formulating its recommendations for
the pre-qualification of the parties for Heavy Mechanical Complex (HMC) for
which 19 Expression of Interest had been received. The Committee includes two
PC Board members and each member from Ministries of Finance and Industries,
Production & Special initiatives.
The PC Board also recommended to the Cabinet Committee on Privatisation (CCOP)
approval of the highest bid of Rs.156 million received for the sale of the
machinery of Lasbella Textile Mills.
The PC Board reviewed the status and progress of on going and upcoming
transactions and directed that necessary steps be taken for their expeditious
completion in an open fair and transparent manner after completing all
prescribed legal formalities.
The PC Board members and the senior officials of the respective ministries and
departments were present during the meeting.