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The Board of Privatisation Commission, which met here today under the
chairmanship of Mr. Zahid Hamid, Federal Minister for Privatisation &
Investment decided to accept the recommendations of the Pakistan State Oil
privatisation Transaction Committee for disqualification of Attock Group of
Companies from participation in the privatisation process of Pakistan State
Oil (PSO). This decision has been taken in accordance with PC law, rules,
regulations and procedures and keeping in view the guidelines contained in the
judgment of the august Supreme Court of Pakistan in the Pakistan Steel Mills
case.
The decision has been taken inter-alia for non-disclosure of material
information as required in the RSOQ rendering the Group liable for
disqualification.
The PC Board accordingly decided to disqualify Attock Group of Companies and
to reject its SoQ. On the request of some intending bidders and the
recommendations of the Financial Advisor, the Board also decided to defer the
bidding date by a few days, till May 19,2007.
Corresponding amendments would be made in the indicative time line issued to
the pre-qualified parties by the Financial Advisor. The PC Board decided that
the position would be kept under review and the tentative dates mentioned in
the indicative time-line finalized accordingly.
The Board also reviewed the status of the privatisation transactions relating
to the Habib Bank Limited (HBL) initial public offering (IPO), United Bank
Limited (UBL)’s Global Depository Receipts (GDR) and National Investment Trust
Limited (NITL).
Members of the Board of the Privatisation Commission, senior officials of the
respective Ministries and departments attended the meeting.