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The Government is fully committed to implementation of its approved
privatisation program with utmost transparency, through a fair, open and
competitive process with a view to ensuring maximum sale proceeds for the
assets. Mr. Zahid Hamid Federal Minister for Privatisation & Investment stated
this while addressing the Board of the Privatisation Commission here today.
Addressing the meeting the Minister said that privatisation, deregulation and
liberalization were part of the dynamic and highly successful economic reforms
which had been initiated by then Finance Minister now Prime Minister Shaukat
Aziz under the guidance of President General Pervez Musharraf and which were
being widely appreciated at home and abroad. During the period October 1999 to
May 2006, a huge amount of Rs.337 billion had been realized from only 58
transactions. Moreover as a result of the improvement in investment climate,
Foreign Direct Investment had increased tenfold in 5 years, from US $ 322
million in 2000-01 to well over US $ 3 billion in 2005-06, the highest level
in our history.
The Minister also reviewed progress of transactions relating to Initial Public
Offering (IPO) and the Secondary Public Offering of the shares of various
entities. The Board was informed that the government's highly successful
"Privatisation for the People" program had helped in broadening, deepening and
strengthening the capital market and in significantly increasing its
capitalization. The number of stockholders had increased to more than a
million and huge financial benefit had been passed on to ordinary small
investors as a result of appreciation in share prices.
PC Board members, senior officials of the respective Ministries and the
Transaction Managers, attended the meeting.