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A meeting of the Board of Privatisation Commission held under the
chairmanship of Mr. Zahid Hamid Federal Minister for Privatisation &
Investment here today directed that every effort be made to adhere to the
indicative time line for the privatisation of Pakistan State Oil (PSO) issued
to the interested 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 PC Board was informed that the due diligence of PSO was being carried out
by the parties since March 19, 2007 and was expected to be completed by next
month.
The PC Board gave approval to the recommendations of the Transaction
Committees for the appointment of Financial Advisor for the Global Depository
Receipts (GDR) of United Bank Limited (UBL) and for the sale of PIA-IL owned,
Roosevelt Hotel, New York and allowed the PC to complete the contractual
requirements.
The meeting also reviewed the progress of the Initial Public Offering (IPO) of
Habib Bank Limited (HBL) and directed the concerned officials to expedite
completion of formalities relating to the appointment of Lead Manager.
The PC Board also reviewed the status and progress of other ongoing and
upcoming entities and directed to complete them after resolving all issues.
Members of the Board of the Privatisation Commission, senior officials of the
respective Ministries and departments attended the meeting.