ISLAMABAD, March 12: The government has firmed up a schedule to complete 15 major sale transactions in banking, petroleum, telecommunications and power sector before June 2003, with estimated proceeds of around $3 billion.

Official sources told Dawn that privatization process would be kicked off afresh with the bidding of federal government’s working interests in nine oil and gas fields in the second week of next month.

The schedule has been cleared by President Gen Pervez Musharraf. The plan has also been discussed with the World Bank, International Monetary Fund and a delegation of US State and Treasury department officials along with OPIC representatives who were given comprehensive briefing on this schedule, sources in the finance ministry said.

“There is a lot of international goodwill for Pakistan at present viz-a-viz investment environment and the government wanted to cash in on that,” said a senior government official.

The blue-chip Pakistan Telecommunication Company Limited (PTCL) is also in the list. The strategic sale of 15 to 26 per cent shares of PTCL is targeted to be completed before June 2002. Soft marketing of the transaction has already been completed and a few aggressive road shows have also taken place for this strategic unit.

Another market leader and oil giant Pakistan State Oil is also on the privatization agenda along with country’s largest petroleum producer Oil and Gas Development Company Limited (OGDCL). Fifty-one per cent shares of the two (PSO and OGDCL) are planned to be sold during the third quarter i.e. before September 2002. PSO has 85 per cent market share in fuel oil, 60 per cent in diesel, 40 per cent in motor spirit, 60 per cent in aviation and 40 per cent in lubricants with largest network and storage capacity besides around 4,000 outlets.

Pakistan Petroleum Limited (PPL), another prized transaction with largest gas production portfolio, is scheduled to be privatized during the fourth quarter.

The bidding for the sale of 51 per cent strategic shares of United Bank Limited has been fixed for April 2002. Block sale of 49 per cent shares of Allied Bank Limited is scheduled to be completed before June 2002.

Around 5 to 25 per cent shares with green shoe option would be offered to the general public through initial public offering (IPO) during the second quarter of 2002, while 51 per cent shares along with strategic management transfer of Habib Bank would be completed during the first quarter of 2003.

Around 58 per cent shares of National Investment Trust (NIT) would be sold before June 2002. Expressions of interest (EOIs) for the sale of these shares have been closed. Similarly, the deal for the transfer of right to manage closed-ended funds of Investment Corporation of Pakistan (ICP) would be completed by June 2002.

Sui Northern Gas Pipelines Limited (SNGPL), the top gas utility with largest consumer base, would be sold before March 2003.

The Karachi Electric Supply Corporation would be the first sale transaction in the power sector. The sale of its 51 to 74 per cent shares along with management control has to be completed before September 2002.

This would be followed by Faisalabad Electric Supply Company (Fesco), whose 26 to 51 per cent shares are to be sold along with management transfer by December 2002.

The Jamshoro Thermal Power General Company, commonly known as Genco-1, would be put on sale counter by the end of this year and it is targeted that 26 per cent strategic share transfer should be completed by June 2003.