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The Cabinet Committee on Privatisation (CCOP), which met here today under
the chairmanship of Prime Minister Shaukat Aziz approved the highest bid of
Rs.19.99 billion by Ibrahim Fibers Limited for sale of Pak American
Fertilizers Limited.
It was also decided that the Privatisation Commission would privatise the site
of Services International Hotel, Upper Mall Lahore for construction of a world
class Five Star hotel on fast track basis. The CCOP approved the transfer of
management control of Pakistan Telecommunication Company Limited (PTCL) to
Etisalat of UAE.
To resolve the long outstanding grievance of the workers who opted for golden
handshake, the CCOP approved the proposal of Privatisation Commission for the
payment of balance dues of GHS of the ex-employees of Pak Saudi Fertilizers
Limited.
The CCOP was apprised of the privatisation program during the next three
months. The major transactions coming for privatisation in the next three
months are Pakistan State Oil (PSO), Pakistan Petroleum Limited (PPL),
National Investment Trust Unit and Pakistan Steel Mills Corporation (PSMC).
The secondary public offering of UBL shares and GDR of OGDCL would also be
completed by the end of June 2006.
The Prime Minister while appreciating the professional approach of the
Privatisation Commission for skillfully handling complex privatisation
transactions, paid glowing tributes to Dr. Abdul Hafeez Shaikh, Federal
Minster for Privatisation & Investment for his leadership to reinvigorate the
privatisation process. The Prime Minister also lauded Dr. Hafeez Shaikh for
his stellar performance, commitment, vision and the contribution towards the
economic reforms process.