Govt to privatise major enterprises

[LRE]

Govt to privatise major enterprises



KAPCO GDR to be listed in Oct

Thursday, August 07, 2008
By Israr Khan

ISLAMABAD: The government on Wednesday announced the privatisation of major public entities in the next two months, including Kot Addu Power Company (KAPCO), SME bank, Heavy Electrical Complex (HEC), Hazara Phosphate Fertilisers Limited (HPFL), National Power Construction Company (NPCC) and the sale of 26 Pakistan Tourism Development Corporation (PTDC) motels and restaurants.

A meeting was held here in this regard at the Privatisation Commission (PC), chaired by Syed Naveed Qamar Federal Minister for Privatisation, Investment and Finance for finalising the schedule for privatisation of public sector entities during September-October 2008.

The Minister directed the PC to ensure the timely completion of necessary documents, listing process, regulatory approvals and international marketing for the Global Depository Receipts (GDR) of the Kot Addu Power Company (KAPCO) for its listing in October 2008, which should be followed by stabilization.

He asked the commission to settle all issues with the pre-qualified bidders and the CBA and Officers Association for concluding the privatisation of the SME Bank in September 2008 and to finalise the bidding documents well 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 light of the government’s decision.

It was also decided to hold the bidding for the privatisation of 90 per cent shares of Hazara Phosphate Fertilizers Limited (HPFL) with management control and National Power Construction Company (NPCC) during September 2008. The Minister directed that the process for privatisation of Heavy Electrical Complex (HEC) should also be expedited to complete this transaction in September 2008.

Syed Naveed Qamar directed the concerned officials to expedite the privatisation process for the sale of 26 Pakistan Tourism Development Corporation (PTDC) motels and restaurants, which have received an enthusiastic response from the reputed investors in the related field.

The Minister said that all relevant rules and regulations should be strictly observed at every step and phase of the privatisation process, which should be completed with utmost care and in an open, fair and transparent manner, while due care should be given to the valuation process of all public sector entities in order to maximise the sales proceeds at the right price and to ensure a level playing field for all prospective participating parties.

http://www.thenews.com.pk/daily_detail.asp?id=128495