|
|
|
|
|
The foreign investors showing great interest in Pakistani companies
including banks. Mr. Zahid Hamid Federal Minister for Privatisation &
Investment stated this while addressing a meeting of the Board of
Privatisation Commission (BPC) here today. He said that due to the excellent
performance of the economy as a result of the innovative and highly successful
economic reforms introduced by Prime Minister Shaukat Aziz under the guidance
of President Pervez Musharraf, which have been acknowledged by the world at
large has generated exceptional investors interest in Pakistani companies
including Banks.
Mr. Zahid Hamid informed the PC Board members that during the first quarter of
the FY 2006-07 foreign investment including FDI and Portfolio investment had
shown significant increase as compare to the corresponding period of the last
FY. The remittances were also much higher than in the corresponding period
last year, he stated.
He said that the consistency and continuity of the economic policies of the
government had greatly increased investors confidence in the Pakistan economy
and encouraged them to avail of the exciting investment opportunities through
the privatisation program green field investment as well as through the stock
market. The government is considering proposals for launching GDR of UBL, NBP
& HBL in the international markets after the completion of ODGCL’s GDR with
proper sequencing. Most of the major transactions like, PSO, NITL, FESCO,
Jamshoro Power Company, PPL were at an advanced stage, the Minister added.
The board took various decisions relating to the privatisation process of
various transaction. The meeting was informed that Expression of Interest (EOI)
from prospective investors for the acquisition of minimum 90% shares of Heavy
Electrical Complex (‘HEC’) together with management control on an `as is,
where is’ basis have been invited by November 22, 2006.
The meeting was further informed that pre-bid moot for the sale of moveable
and immovable assets of Services International Hotel (SIH), Lahore on “as is
where is basis” has been held. According to the decision of the Cabinet
Committee on Privatisation (CCOP), the Successful Buyer shall construct a five
star industry standard hotel at the prime location of Shahrah-e-Quaid-e-Azam,
Lahore. Six parties participated in the said meeting, which include 1.
Associated Group, 2.Hashwani Hotels, 3. Marwat Enterprises, 4. Noor Financial
Investment Company, 5. S.A. Builders and 6. Tristar Group.
Four parties participated in another pre-bid meeting for the sale of minimum
of 90% shares of Hazara Phosphate Fertilizers Ltd (HPFL). The parties, which
participated in the pre-bid meeting include 1- Al-Tuwairqi Group of Companies,
Karachi, 2-Chanar Sugar Mills Limited, Lahore, 3-Regal Food Products Ltd UK
facilitators: TN Associates, Islamabad and 4-WARBLE (Pvt) Limited (Allahdin
Group of Companies), Lahore. The bidding of both SIH and HPFL will be held
accordingly.
The meeting reviewed the progress and status of the privatisation process of
various upcoming transactions and Secondary Public Offering of United Bank
Limited (UBL) and the Initial Public Offering (IPO) of State Life Insurance
Company shares through capital market under the program, “Privatisation for
the People’, which has benefited a very large number of small investors in the
past.