September 27, 2003	Saturday	Rajab 29, 1424

ISLAMABAD, Sept 26: The Privatization Commission on Friday finalized the privatization schedule for October 2003. Privatization and Investment Minister Dr Hafeez Shaikh chaired the meeting.

Regarding the power sector transactions, the meeting decided to advertise KESC in view of the improved investment climate and market appetite in the transaction, said a handout issued here.

The data room for due diligence of GENCO-1 Jamshoro Power Company (JPC) had been opened from September 15 and the parties would complete this process by November 15, 2003 i.e. within a period of two months, while Faisalabad Electric Supply Company (FESCO) was passing through the phase of finalization of the bidding documents, the meeting was informed.

The Privatization Commission Board was also informed that the data room for due diligence of Habib Bank Limited by the prospective bidders had been opened and six parties had been allowed to enter the room.

The PC Board approved the launching of public offering of additional 3.2 per cent shares in National Bank of Pakistan from October 8 to 10, and the initial public offering (IPO) of 2.5 per cent shares of Oil and Gas Development Company Limited (OGDCL). It was decided to give preference to the applicants with smaller denominations in order to deepen and broaden the capital market.

The PC Board directed that the privatization process of all ongoing transactions should be completed on fast track basis without compromising the transparency.

The Board constituted a committee comprising the representatives of Privatization Commission, finance division, SECP, National Investment Trust and NBP (Trustee) for facilitating privatization.

Besides PC Board members, senior officials of the ministries of finance, petroleum and natural resources, industries and production, State Bank, SECP and Privatization Commission attended the meeting.