ISLAMABAD, Aug 24: The Privatization Commission Board here on Saturday approved the transaction structure and pre-qualification criteria for Oil and Gas Development Company Limited (OGDCL).

The board which met under the chairmanship of Privatization Minister Altaf M. Saleem also pre-qualified parties for the transactions of Pakistan State Oil (PSO), Habib Bank Limited (HBL) and National Investment Trust Limited (NITL).

The board was informed that over the past two years the Privatization Commission managed to hold bidding worth Rs36.5 billion for a smaller number of public sector entities. It was also told that since the inception of the Privatization Commission in 1991 and up to October 1999, the total proceeds amounted to Rs56 billion.

According to an official announcement, the board noted that there was no haste in the privatization process prior to the general elections as being propagated by certain sections. Clarifying the matter, Mr Saleem said the post-September 11 scenario had resulted in delay of certain transactions by four to six months. These had been taken to the market subsequently, which gave this erroneous impression that these transactions were being undertaken in haste.

These transactions were already under process and scheduled for bidding but delayed due to September 11 events. The meeting was informed that data room for the due diligence of HBL by the pre-qualified parties being recommended for pre-qualification would be opened in the next few days.

It was also informed that data rooms for PSO and KESC were ready for due diligence by the prospective bidders.

The board gave approval to the Natural Gas Tariff Rules. The meeting also reviewed the privatization status of the divestment of 26 per cent GoP owned shares of Pakistan Oilfields (POL), additional 5 per cent shares of National Bank of Pakistan (NBP), Lot ‘A’ of Investment Corporation of Pakistan (ICP) Mutual Fund, Thatta Cement Company Limited and Lyallpur Chemical and Fertilizers Limited.

Earlier, the Privatization Commission Board reviewed the implementation status of the decisions taken regarding various other transactions.

The board members and senior officials of the respective ministries attended the meeting.