August 30, 2002	Friday	Jamadi-us-Saani 20, 1423

Please Visit our Sponsor (Ads open in separate window)

ISLAMABAD, Aug 29: The Cabinet Committee on Privatisation here on Thursday gave a go-ahead to the Privatisation Commission (PC) to disinvest 26 per cent government’s shares in the Pakistan Oil Fields (POF).

The meeting, presided over by Finance Minister Shaukat Aziz, also allowed the commission to offload five per cent shares of the National Bank of Pakistan with a green-shoe option of another five per cent in case of over-subscription.

Similarly, it was also decided to put up for sale Lot ‘A’ of the Investment Corporation of Pakistan’s (ICP) Mutual Fund, Thatta Cement Factory Limited and Lyallpur Chemicals and Fertilizers Limited.

All these transactions are scheduled to be finalised in September 2002.

The cabinet body also accorded approval to the inclusion of Peshawar Electric Supply Company Limited in the privatisation plan.

When contacted, Privatisation Minister Altaf Saleem said that a number of transactions had been lined up for the month of September. He expressed hopes that the Privatisation Commission would achieve the objective of getting maximum proceeds through a very transparent process.

The meeting was also attended by ministers for communications, labour and man power, industries, privatisation, State Bank governor, Planning Commission deputy chief and other senior officials.