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A meeting of the Board of the Privatisation Commission approved to initiate
the process for the listing of Kot Adu Power Company (KAPCO) shares in the
international capital market through Global Depository Receipt (GDR). Mr.
Shahzada Alam Monnoo Federal Minister for Privatisation & Investment chaired
the PC Board meeting here today.
In his opening remarks Mr. Shahzada Alam Monnoo Federal Minister for
Privatisation & Investment said that the private is the engine of economic
growth and it always played a leading role in the economic development of the
country. It also brought substantial increases in investment, employment
opportunities and income levels, and consequent reduction in poverty. We have
to privatise the public sector entities to increase quality and production in
a competitive manner, he said.
The PC board allowed the Privatisation Commission to initiate the process for
the listing of Kot Adu Power Company (KAPCO) shares in the international
capital market through Global Depository Receipt (GDR) by inviting proposals
from the Financial Advisors for their appointment for the transaction and to
determine the quantum of shares to be divested.
The PC Board approved the recommendations of the pre-qualification committee
for the pre-qualification of 32 parties for 26 Motels and Restaurants of
Pakistan Tourism Development Corporation (PTDC) for conducting the due
diligence, which will be followed by the pre-bid meeting for better
understanding of the transaction and the process.
The board also constituted a Transaction Committee to formulate its
recommendations on the basis of Statement of Qualification (SOQ) received from
nine (9) parties for their pre-qualification for acquiring of minimum of 90%
shares of Hazara Phosphate Fertilizers (Private) Limited (HPFL) together with
management control on ‘as is, where is’ basis.
The PC board was informed that a number of requests were being received from
potential parties for taking part in the privatisation process of Jamshoro
Power Company (JPC), a power-generating unit of Wapda, for which five (5) SOQs
have already been received. The meeting decided to maximize the competition
and the proceeds, by inviting fresh Expressions of Interest EOIs.
The Board discussed the privatisation process of National Power Construction
Company (NPCC) and decided that pre-qualification committee would further
review and submit its recommendations in the next Board meeting with regard to
three (3) parties from whom further documents were required.
The Financial Advisor for the SME Bank Transaction (BMA Capital) conducted a
presentation on SME Bank’s privatisation methodology and the way forward.
The PC board members Mr. Iftikhar-ul-Haq, Lahore, Mr. Mahmood Nawaz Shah,
Hyderabad, Mr. Kamal-ud-Din Ahmed, Quetta, Mr. Shakiel Z. Lari, Karachi, Mr.
Pervaiz Kausar, Karachi, Mr. Mushtaq Malik Secretary Board of Investment (BOI)
and Mr. Ahmed Jawad, Secretary Privatisation Commission along with the senior
representatives of the respective ministries and departments were present
during the meeting.