April 8, 2003	Tuesday	Safar 5, 1424

ISLAMABAD, April 7: Prime Minister’s Adviser on Privatization and Investment Dr Hafeez Shaikh on Monday said the government was fully committed to privatizing the public sector entities with utmost transparency, competition among quality players and getting maximum proceeds for the national assets.

Presiding over the first meeting of the newly constituted Privatization Commission Board here, the adviser said the privatization activity was in the larger national interest and the government would be forthright and aggressive in dealing with its opponents who may try to create roadblocks.

“We have lot of liquidity and interest rates are coming down. This provides a favourable and conducive environment for the privatization as this excess liquidity looks for investment avenues,” he added.

He acknowledged the role and the services rendered by his predecessors and the members of the previous boards.

The Privatization Commission Board formulated its recommendations for the accelerated privatization of the public sector entities for approval of the Cabinet Committee on Privatisation (CCoP), which will meet under the chairmanship of Prime Minister’s Adviser on Finance Shaukat Aziz on Tuesday.

According to the Privatization Commission announcement, the meeting reviewed and updated itself on the ongoing process of strategic sale of the Pakistan State Oil (PSO), the Pakistan Telecommunication Company Limited (PTCL), the National Construction Company, the Habib Bank Limited (HBL).

The privatization of the National Construction Limited (NCL), the Faletti’s Hotel, the Malam Jabba Ski Resort and 24 PTDC hotels/motels were also discussed, besides other procedural and administrative matters.

The Privatization Commission Board recommended for approval of CCoP the bidding results of the ICP-State Enterprise Mutual Funds (SEMF). The PICIC had been declared the highest bidder for the ICP-SEMF when no party could match the Rs786.786 million highest bid.

The PC Board will meet again on Tuesday to discuss other privatization matters, especially the divestment of the GoP shares through the stock exchanges, including public offering and listing. The power sector transactions will also come up for discussion.

The meeting was attended by the members of PC Board, including Moin M. Fudda, Saqib H. Shirazi, Mahmood Nawaz Shah, Farid Rehman, Kamal-ud-Din Ahmed, Shakiel Z. Lari, Pir Saad Ahsanuddin, Secretary PC Ahmad Waqar as its secretary/ member, and senior officials of the ministries concerned.