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The privatisation of public sector entities will continue as per approved
privatisation program in accordance with the Privatisation Commission
Ordinance (PCO) 2000, which has been upheld by the apex court and the rules
and regulations devised under this law. Mr. Zahid Hamid Federal Minister for
Privatisation & Investment stated this while addressing a meeting of the
Privatisation Commission Board held here today.
The Minister said that all transactions would be completed in an open fair and
transparent manner on merit after observing all the required legal
formalities. The Privatisation policy was a corner stone of the Economic
Reforms introduced by the government of President General Pervez Musharraf
through the then Finance Minister now Prime Minister Mr. Shaukat Aziz. These
reforms had proved remarkably successful and had made a significant
contribution to the very impressive economic performance of Pakistan during
the last several years, he said.
Mr. Zahid Hamid further stated that the economic policies of the government
have made Pakistan an economic hub and the investors were taking keen
interest in the Privatisation Program and the other investment opportunities.
He added that during the past seven years huge amount of Rs.316 billion had
been realized from 57 transactions, which had been utilized in accordance
with the law for debt retirement and poverty alleviation.
The Minister said that the privatisation process of all the upcoming
transactions was very much on track and they would be presented for bidding
with proper sequencing after completing all the phases including advertisement
inviting Expressions of Interest, pre-qualification of the parties, opening of
data rooms for due diligence, pre-bid moots for better understanding of the
transactions and the bidding itself.
The PC Board reviewed the status and progress of on going and upcoming
transactions and expressed its satisfaction over the progress made in this
regard. It granted approval for the handing over of Javedan Cement Co to the
highest bidder on receipt of full payment and completion of formalities. The
PC Board members and the senior officials of the respective ministries and
departments were present during the meeting.