|
|
|
|
|
In order to benefit from the efficiencies of experienced management and to
have better impact on the country’s economy the government has changed the
concept of privatisation to Public Private Partnership. Syed Naveed Qamar
Federal Minister for Privatisation, Petroleum & Natural Resources stated
during a briefing on, “Role of Privatisation Commission” to the delegates of
National Management College here today.
The Minister said that involvement of Public Sector employees in the
privatisation process was being ensured under the instructions of the
President Asif Ali Zaradri by implementing, “Benazir Employees Stock Option
Scheme” BESOS, which would benefit more than 500,000 employees of around 80
entities to the tune of financial impact estimated as Rs.116 billion and
expected to further increase with the growth of the market. The government has
reserved 12 % of the government shareholding in the State Owned privatised or
non-privatised Enterprises, he informed.
He said that we were going ahead aggressively to implement BESOS in the SOEs
with great momentum to make workers as partners in the future of Pakistan. The
BESOS is being implemented by the Privatisation Commission in coordination
with the line Ministry / holding corporation / respective SOE.
Elucidated the salient features of the new privatisation policy, Syed Naveed
Qamar said that now privatisation would be conducted in Public Private
Partnership (PPP)/ Joint venture mode for 26 % of the equity stake along with
transfer of management while safeguarding government interest through
protective covenant. Government would continue to ensure that divestment does
not result in alienation of national assets and reduction in quality
production and service the detriment of its people, he added.
He further stated that the new privatisation policy would enhance value of GoP
shareholding, through management and technology transfer, creation of new
assets, increase investments, maximize profits, modernize, expand and up grade
the State Owned Entities (SoEs).
Giving an overview of the performance of the Privatisation Commission, the
Minister termed Pakistan’s privatisation program as most successful in South
Asia, Central Asia and the Middle East with the privatisation of 167
transactions worth over US $ 9 billion (Rs.476,421 million) which included 100
% SoEs in the chemical, textile, nitrogen, fertilizer, rice, roti, light
engineering while 98 % automobile industry, 96 % ghee mills and 100 % units of
Phosphate fertilizer. The 80 % of the Banking industry privatised
substantially.
Certain transactions undertaken during Musharraf regime remained controversial
for different reasons among them KESC was one of them, which was badly handled
by the management having no experience and expertise to run the utility,
however, it was still struggling to improve, he commented.