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PC BOARD GIVES GO AHEAD FOR JPC-SME BANK-HEC-NPCC
Islamabad, April 23, 2010
A meeting of the Privatisation Commission Board, which met under the
chairmanship of Senator Waqar Ahmed Khan Federal Minister for Privatisation
here today, gave, go ahead to initiate the privatisation process of Jamshoro
Power Company (JPC), SME Bank and Heavy Electrical Complex (HEC).
Addressing the meeting Senator Waqar Ahmed Khan Federal Minister for
Privatisation urged the members that in order to maintain utmost transparency
during the process we should seek approvals at a broader forum for all
transactions. For assess the real value of the entities on the Privatisation
Program, third party valuation should be carried out and all phases of the
process should be conducted in an open, fair and transparent manner to the
satisfaction of all stakeholders, he directed.
The meeting was informed that World Bank has shown interest to fund and
rehabilitate the technical potential of Jamshoro Power Company (JPC) before
taking it to the market as it was done in the KAPCO transaction.
The PC Board desired to have a presentation from Finance Division regarding
the utilization of privatisation proceeds. The Board also reviewed the status
of the National Power Construction Company (NPCC) and decided for the
revaluation of the entity.
The meeting was further informed that most recently 99 more properties in
Punjab have been transferred to Pakistan Telecommunication Company Limited (PTCL)
while Etisalat was also being approached to de-list the private properties and
those under litigation as to close the transaction by getting the over due
remaining proceeds of US $ 799 million and to settle the issue in an amicable
manner.
The PC Board reviewed the status and progress of various other ongoing and
upcoming transactions. The meeting also reviewed the progress made for the
implementation of Benazir Employees Stock Option Scheme (BESOS) and decided to
speed up the BESOS distribution certificates in the remaining entities and
establish BESOS Trusts in the remaining entities. So far under BESOS more than
40,000 workers of eight entities have received 12 % GoP shares unit
certificates. This scheme is effective from August 14, 2009.
Secretary PC Mr. Shahab Khawaja, PC Board members, senior officials of the
respective ministries and departments were present during the meeting.