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In Pakistan Rs.7.349 billion have been distributed among 32,290 workers of
100 privatised units under the all Pakistan state enterprise workers' action
committee (APSEWAC) agreement, which was signed on 15th October, 1991 to
expedite the process of Privatisation. It was informed during the country
presentation by Pakistan in the concluding session of Economic Coordination
Organisation (ECO)'s 1st meeting of the High Level Experts Group (HLEG)
onPrivatisation and Private Sector Development and 2nd meeting of the ECO
Heads of Privatisation Administration here today.
It was informed by Mr. Muhammad Asghar Senior Financial Consultant of
Privatisation Commission while briefing the delegates regarding welfare
measures taken for workers by Pakistan that the package of measures for the
benefit of workers of Employees have been accorded and all protection was
available to them under the Labour Laws. As a special measure no retrenchment
of the employees is allowed during the first twelve months. 10% of the shares
of the privatised units would be offered to the employees at a mutually agreed
rate.
Under this agreement 10% shares have been sold to the five units with a
discount of 50% on the then market rate, which include Kohat Cement, Dandot
Cement, Gribwal Cement, Ittehad Chemicals and Pak American Fertilizer. Cash
profit was distributed to the employees of three privatised units in lieu of
10% shares, which include D.G Khan Cement, Mapple Leaf Cement and National
Refinery Limited.
Sardar Abdul Ahad Effendi Senior Consultant Banking and Mr. Zahid Aziz
Consultant Industries briefed the delegates regarding the Role of Financial
Advisors in Privatisation process, Privatisation of the Banking Sector and
Capital Market, Role of the government and Legal & Regulatory Framework of the
Privatisation Commission.
The meeting considered devising a strategy for cross country investment and
for inviting each other for tender / public notices of privatisation and
decided to establish a working group comprising Republic of Azerbaijan,
Islamic Republic of Iran, Islamic Republic of Pakistan, Islamic Republic of
Turkey and ECO Secretariat to study the details of establishment of a website
on privatisation related issues in ECO website, which would indicated linkages
to websites of the privatisation administration of the member states. Member
states would prepare required information and news and announcement about
their respective activities in the field of privatisation and private sector
development. Islamic Republic of Iran would host the working group meeting in
October 2007.
The meeting reviewed the implementation of plan Action on Privatisation and
decided for frequent interaction among the respective privatisation
administrations for getting knowledge of structure, process and legal
framework related to the privatisation. It was decided to firm up concrete
proposals on activities/ programmes envisaged in the Plan of Action during the
workshop on Privatisation being held in Baku on June 6-8, 2007.