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During the last three years the privatisation proceeds worth Rs.285 billion
were realized, which would further increase with the completion of the
privatisation process of the entities at very advance stage including Pakistan
Telecommunication Company Limited (PTCL), Pakistan State Oil (PSO) and
Pakistan Steel Mills Corporation (PSMC). Dr. Abdul Hafeez Shaikh Federal
Minister for Privatisation & Investment stated this while chairing the
Privatisation Commission Board meeting here today.
Reviewing the performance of the Privatisation Commission, the Minister said
that during the early 13 years PC conducted privatisation worth Rs.96 billion
with Rs.8.5 billion per year while the past three years witnessed Rs.90
billion per year through the hard work by the professionals and the related
stakeholders in a most transparent manner.
The PC Board approved the highest offer of Rs. 19. 999 billion from Ibrahim
Fibers Limited for Pak American Fertilizers Limited (PAFL) and recommended to
CCOP for a decision. PAFL is the first fertilizer manufacturing concern in
Pakistan. It was established in 1959. The letter of Acceptance would be issued
to the highest bidder after necessary approval by CCOP. The bidder will
deposit 25 % proceeds within 14 days and remaining 75 % in 60 days after the
issuance of LOA.
The PC Board also approved the inclusion of Services International Hotel in
the privatisation program.
The PC Board discussed the progress and the status of various on going and
upcoming transactions and expressed satisfaction over the implementation of
the decisions taken in the earlier meeting.
Mr. M. Tahsin Khan Iqbal Secretary Privatisation Commission conducted the
meeting. Members of the Board of the Privatisation Commission, senior
officials of the respective Ministries and departments attended the meeting.