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The Cabinet Committee on Privatisation (CCOP), which met under the
Chairmanship of the Advisor to PM on Finance and Economic Affairs, Mr. Shaukat
Tarin at the Prime Minister’s Secretariat here today, approved the Reference
Price for privatisation of the National Power Construction Company (Private)
Limited (NPCC).
It may be noted that NPCC is currently rated amongst top contractors in its
specialty and reputed for skillful and professional management of contractors.
The company has all along been profit making organization besides providing
employment to large number of Pakistani engineers, technicians, and skilled
/semi skilled workforce. NPCC’s main area of operation during the last three
decades had been Middle East with concentration in Kingdom of Saudi Arabia.
The CCOP also recommended the federal government to negotiate with the
provincial governments of Punjab and Sindh for resolution of the issue of
transfer of PTCL properties to the company (PTCL).
It may be added that PTCL was privatised through sale of 26 percent shares for
US $ 2,598,960,000,00 to be paid in nine equal installments, payable on
biannual basis. As per Share Purchase Agreement (SPA) GoP is required to
provide clear titles of 100 percent of PTCL properties (3384 in number) by
January 12, 2008. A balance of 161 non-transferred properties (including 71 in
Punjab and 45 in Sindh) remains outstanding.