PC announces privatisation schedule for different entities

[LRE]

PC announces privatisation schedule for different entities

ISLAMABAD: The Privatisation Commission here on Wednesday decided to complete privatisation of SME Bank, Hazara Phosphate Fertilizers Limited (HPFL), National Power Construction Company (NPCC) and Heavy Electrical Complex (HEC) by September 2008.

Completion of all necessary arrangements for Global Depository Receipts (GDR) of Kot Addu Power Company (KAPCO) was ordered for its listing in October 2008.

A meeting held here at the PC, chaired by Federal Minister for Privatisation Syed Naveed Qamar, finalised the schedule for privatisation of public sector entities.

The current government, due to the political and economic difficulties, was unable to proceed any privatisation deal during its first 100 days and now it has been decided to gear up the stalled process from September onwards.

The Minister directed the PC to ensure timely completion of necessary documents, listing process, regulatory approvals and international marketing for the GDR of KAPCO.

He asked the PC to settle all issues with the pre-qualified bidders and the CBA and officers association for concluding the privatisation of SME Bank in September 2008 and to finalise the bidding documents in advance. It was informed that most of the issues have been settled and the CBA and officers association of SME Bank were being taken on board in the light of the government’s decision. It was also decided to hold bidding for the privatization of 90 percent shares of HPFL with management control and NPCC during September 2008. The Minister directed that the process for privatisation of Heavy Electrical Complex HEC should also be expedited. staff report

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