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In order to make the Privatisation Policy pro-workers, the workers of
public sector entities will be given 10 % shares of their respective entities.
Syed Naveed Qamar Federal Minister for Privatisation, Investment, Finance,
Revenues & Economic Affairs announced while chairing a meeting of the Board of
Privatisation Commission here today.
Syed Naveed Qamar who is also chairman of the Privatisation Commission (PC)
directed the PC that this decision should be implemented as soon as possible.
He also formed a Committee to workout the modalities for the transfer of
shares to the workers of State Owned Enterprises. The Minister further stated
that the government was in the process to make the privatisation process as
pro-worker and pro-people as possible and to transfer the benefits of
privatisation to them in a transparent manner. The employees and the
respective stakeholders of the State Owned Entities (SOEs) would be taken on
board before initiating the process of privatisation of units already approved
by the Council of Common Interests (CCI), he added.
The PC Board was briefed regarding the present status of various ongoing
transactions and was informed that a Financial Advisor has been appointed for
the divestment of Kot Addu Power Company (KAPCO) shares in the international
market through Global Depository Receipts (GDR).
The Board was further informed that a pre-qualification committee was
finalizing its recommendations, for the pre-qualification of parties
interested in acquiring SME Bank, which would be discussed in the next board
meeting. The bid documents for the acquisition of Pakistan Tourism Development
Corporation (PTDC)ʼs 26 Motels / Restaurants through a competitive bidding
process are being given final shape. The PC received Expressions of Interest (EOIs)
from 36 investor(s), Consortium of Investors for PTDCʼs Motels / Restaurants,
which have been offered to promote tourism, improve the quality of services
and foster competition.
The PC board was informed that pre-qualification of the parties interested in
acquiring National Power Construction Company (NPCC) was at an advanced stage
and the due diligence of Heavy Electrical Complex (HEC) by the prospective
bidders was in progress.
The PC Board approved the Privatisation Program 2008-09, which includes Hazara
Phosphate & Fertilizers Ltd, Heavy Electrical Complex (90 % shares), Jamshoro
Power Company (51 %), Faisalabad Electric Supply Co. Ltd. (56 % shares),
Printing Corporation of Pakistan (Assets), Pakistan Machine Tool Factory (90 %
shares), Morafco Industries Limited (Assets), Sind Engineering Limited
(assets), Lakhra Coal Mines Project, Khewra Salt Mines, Pakistan Steel Mills
Corp; (10 % shares) through IPO and Services International Hotel.
The Privatisation Program already approved by the Council of Common Interests
(CCI) will also be reviewed in due course of time in order to prepare a final
list for future privatisation.
The PC Board also formulated its recommendations for the Cabinet Committee on
Privatisation (CCOP) in order to reprioritise the Privatisation Program.
The PC Board membersʼ senior representatives of the respective ministries/
departments and PC officials attended the meeting.