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Prime Minister Shaukat Aziz has said that the government is fully committed
to the process of privatisation and respects the Supreme Court's judgment with
regard to the Pakistan Steel's case.
Chairing the Cabinet Committee on Privatisation (CCOP), which met at the
Privatisation Commission's Office today, the Prime Minister said that it is
pertinent to note that the apex court has upheld the Privatisation Ordinance.
This, he said, augurs well for the continued process of privatization.
The Prime Minister said that the economic policy of the government is governed
by the principles of deregulation, liberalization and privatisation
accompanied by transparency and good governance and the government will
continue to pursue this policy.
In line with government policy to promote welfare of the workers, CCOP
approved the allocation of 10% of the shares offered i.e. 7.3% (961,196,474
No.) to KESC's employees out of the Government's remaining 25.65%
(3,376,925,397 No.) shares on payment of the same price as the bid price of
Rs.1.65 per share. The offered shares will be divided equally among all
employees on KESC Pay Roll on November 29, 2005.
In the case of Pak American Fertilizer Ltd. (PAFL), the CCOP approved the
recommendation of the PC Board amending the terms of the Letter of Acceptance
issued to Azgard - 9 and fixing July 15, 2006 as the date for final payment of
the balance bid amount, keeping in view that (1) Azgard 9 had by the due date
deposited 25% of its bid of Rs.16.11 billion through Earnest Money and first
installment totaling Rs. 4.377 billion, (2) This bid was higher by Rs.2.52
billion than the next bid, (3) Azgard - 9 had given undertaking to pay mark up
@ 11.14% per annum from the original due date of June 02, 2006 to the date of
final payment which will not be later than July 15, 2006.
The CCOP also approved the Sale of Assets of Lasbella Textile Mills. The CCOP
approved the inclusion of SME Bank in the Privatisation Programme. The
proposal was fully supported by the Governor, State Bank of Pakistan. The
meeting was attended by Minister for Labour, Minister for Privatisation &
Investment, Minister for Petroleum & Natural Resources, Minister for Ports and
Shipping, Minister for Water and Power, Deputy Chairman, Planning Commission,
Governor State Bank of Pakistan, Federal Secretaries and other senior officers
of the Government of Pakistan.
Later on addressing the officers of the Privatisation Commission, the Prime
Minister asked them to continue to perform their duties with total commitment,
transparency and diligence.