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The listing of leading Pakistani Companies in the international market
through Global Depository Receipts (GDR) has been included in the priority
Privatisation Program. These companies are already listed on the domestic
stock exchanges. The decision was taken in a meeting of the Board of
Privatisation Commission (PC), which met under the chairmanship of Mr.
Muhammad Wasi Zafar Federal Minister for Privatisation & Investment here
today.
The meeting identified National Bank of Pakistan (NBP), Habib Bank Limited (HBL),
Kot Adu Power Company (KAPCO) and Pakistan Petroleum Limited (PPL) for listing
on the international market through Global Depository Receipts (GDRs), while
deciding the priority entities in the Privatisation Program. The meeting also
earmarked National Power Construction Company (NPCC), Pakistan Tourism
Development Corporation’s (PTDC’s) Motels and Restaurants, SME Bank, Heavy
Electrical Complex (HEC), Faisalabad Electric Supply Company (FESCO) and
Jamshoro Power Company (JPC).
The Financial Advisor for NBP GDR, the consortium of Deutsche Bank, Morgan
Stanley and AKD Securities made a presentation before the PC Board regarding
the offering structure of the transaction.
Earlier, Mr. Wasi Zafar expressed his appreciations to the PC Board members
for extending their continuous selfless and professional support in achieving
the privatisation targets with utmost transparency in a fair and open manner.
Members of the PC Board welcomed the Minister’s appointment as the PC Board
Chairman and assured him of their full support in carrying the process of
privatisation forward.
The Board also reviewed progress and status of the privatisation process of
various ongoing and upcoming transactions.
Members of the Board of the Privatisation Commission, senior officials of the
respective Ministries and departments attended the meeting.