ISLAMABAD, Sept 19: Minister for Privatization and Investment Senator Dr. Abdul Hafeez Shaikh on Friday called for accelerating the pace of privatization as, he said, the government was determined to transfer the public sector entities to quality players in the private sector at good prices.

He was chairing a meeting, which reviewed the status and the progress of the privatization of various upcoming public sector 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.

During the meeting it was decided that the capital market transactions focusing public offering of National Bank of Pakistan’s additional shares, Sui Southern Gas Company Limited (SSGCL), Pakistan International Airline Limited (PIAL) and the initial Public offering of Oil & Gas Development company Limited (OGDCL) shares would be processed expeditiously.

While reviewing the status and the progress of various other upcoming public sector entities in power, oil & gas, banking & financial and industries sectors, the minister directed the PC officials to take immediate steps for resolving all the relevant issues concerning Jamshoro Power Company, Faisalabad Electric Supply Company, Karachi Electric Supply Corporation, Pakistan State Oil, Pakistan Petroleum Limited, Oil & Gas Development Company, Habib Bank Limited, Pak Arab Fertilizers, Faletti’s Hotel and Hyatt Regency Hotel.

The Minister directed the PC officials to extend maximum support to all the prospective bidders for various transactions enabling them to proceed further towards the completion of the process and to move forward the transactions in the pipeline.

In this regard he issued instructions to make arrangements for the completion of due diligence by the prospective bidders for Jamshoro Power Company within a period of two months and also organize a pre-bid meeting for the privatization of Habib Bank Limited in October 2003.

The meeting was also informed that a seminar to create awareness among the stakeholders regarding the privatization process and the success stories was being scheduled in October at Islamabad.

The senior officials and the consultants of PC attended the meeting.—APP