ISLAMABAD, May 27: The pace of privatization should be further accelerated as the government is determined to transfer public sector entities to quality players in private sector at good prices so as to build up momentum through the completion of privatization of major transactions.

This was stated by Minister for Privatization and Investment, Senator Dr. Abdul Hafeez Shaikh while chairing a meeting here on Tuesday to review the status and the progress of privatization of various up-coming entities.

He said that in order to deepen and broaden the base of the capital market transactions, maximum efforts should be made to transfer the benefits of privatization to the common man.

The meeting reviewed the report of Moeen Fudda Committee, which was constituted by the PC Board to identify the entities, their quantum of shares and the sequence to off-load GoP shares through the Stock Market.

The recommendations formulated by this Committee will be presented before the PC Board, which is scheduled to meet on June 2, 2003.

The meeting was informed that the matters pertaining to the pre-qualification of prospective bidders for the privatization of Pak Arab Fertilizers Limited, Faisalabad Electric Supply Company (FESCO), Jamshoro Power Company (JPC) and Pakistan Telecommunication Company Limited (PTCL) would also be discussed in the PC Board meeting.

The privatization process of Pakistan State Oil, Sui Southern Gas Company, Sui Northern Gas Company Limited (SNGPL), Oil & Gas Development Company (OGDCL), Pakistan Petroleum Limited (PPL), Thatta and AC Rohri Cement factories, Karachi Shipyard & Engineering Works (KS&EW), Koh-i-Noor Ghee Mills and Hyatt Regency Hotel Project was also reviewed.

The Minister gave appropriate directions for an early completion of these transactions. The senior officials and the consultants of PC attended the meeting.—APP