ISLAMABAD, June 5: The Privatization Commission Board here on Wednesday decided to complete some of the major transactions including that of Pakistan Telecommunication Company Limited (PTCL) and Pakistan State Oil (PSO) by September this year.

According to official sources, the meeting which was presided over by Minister for Privatization Altaf M. Saleem was told that by completing various transactions on schedule, the PC would be able to manage the target of collecting $3 billion before the end of this year.

The Cabinet Committee on Privatization (CCoP) is meeting on Thursday under the chairmanship of Finance Minister Shaukat Aziz to approve various new transactions to be brought in the market soon.

Sources said that the CCoP was also likely to approve PC Board’s recommendations to sell the Al-Haroon Chamber, Karachi to the highest bidder. However, the CCoP would not be approving the sale of Faletti’s Hotel because of having received less price.

During the PC Board meeting, an update was given on UBL transaction by the Financial Advisor Societe Generale & AMZ Securities. The Board was informed that June 10 had been fixed as the bidding date for UBL transaction.

The three pre-qualified bidders which include Consortium of Abu Dhabi Group (UAE) & Bestway Holding Limited (UK) C/O Bank Alfalah Limited, the Consortium of MCB & Associates and the Consortium of Union Bank Limited & Associates will take part in the bidding.

The Board was further informed that the process for the privatization of HBL had been launched with a kick of meeting and that transaction was targeted for bidding in September 2002.

The Board meeting was apprised about the current status and the progress with regard to the privatization of PTCL, PSO, KESC and OGDCL.

The meeting decided to recommend to the CCoP the acceptance of the highest offer for Al-Haroon Chamber, Karachi, given by Mian Pervaiz Akhtar of New Allied Electronics Indus (pvt) Ltd. as it was in accordance with the acceptable price. But the meeting also decided not to accept the offer of Rs360 million for Faletti’s Hotel, Lahore made by Afzal Motors being below the acceptable price.