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Syed Naveed Qamar Federal Minister for Privatisation, Investment & Finance
while chairing a meeting of the Board of Privatisation Commission here today
directed the Privatisation Commission (PC) to accelerate the process for
transfer of shares of of State Owned Entities (SOEs) retained for employees
and to work out the modalities in this regard.
While addressing the meeting Syed Naveed Qamar said that the government was in
the process of making the privatisation process as pro-worker and pro-people
as possible and to transfer the benefits of privatisation to them in a
transparent manner. It will also create sense of ownership among the employees
by implementing Prime Minister Syed Yousaf Raza Gilaniʼs policy announcement
in his address to the Nation on 14th August, 2008 for safeguarding the
interests of the workers.
The PC board approved the recommendations of the committees for the
pre-qualification of parties for the privatisation of SME Bank and National
Power Construction Company (NPCC). The parties pre-qualifed for SME Bank
include 1. Commercial Bank of Kuwait, 2. Hashoo, PSL & International Investor
Company, 3. Orascom & Citi Group Venture Capital International (CVCI), 4.
Global KSC, 5. M/s Al-Nakheel/ ETC and ARY Traders, GMH and SIBL. The parties
have been to complete necessary documentation prior to due diligence process.
The parties for NPCC include 1. Pak Elektron Limited (PEL), 2. ICC (pvt)
Limited, 3. Al-Tuwariqi Steel Mills, Karachi, 4. Saudi Cable Company Limited,
KSA, 5. JS PE Management, Karachi, 6. Alfanar Construction Company, KSA and
Zed Investment Company, KSA. The meeting also took certain steps to bring the
transactions of Hazara Phosphate & Fertilizers Limited (HPFL) and Heavy
Electrical Complex (HEC) to the bidding point as per already announced
schedule for September-October 2008.
The PC Board reviewed the status and progress of various other ongoing and
upcoming transactions and formulated its recommendations for approval of the
Cabinet Committee on Privatisation (CCOP).
The PC Board members, senior representatives of the respective ministries/
departments and PC officials attended the meeting.