ISLAMABAD, Dec 1: Prime Minister Mir Zafarullah Khan Jamali said Monday the privatization of state-owned entities would bring increased efficiency and productivity.

“Privatization is the need of time as it will induce good governance and better management practices in public institutions, leading to increased efficiency and productivity.”

The prime minister expressed these views while talking to Privatization and Investment Minister Dr Hafeez Shaikh, who called on him here at the PM House.

Dr Hafeez Shaikh briefed the prime minister about the working of his ministry with special reference to the privatization process of OGDCL. He apprised the prime minister about the recent public offering of OGDCL shares.

The PM was informed that initially shares worth Rs3.4 billion were offered, but the public showed a huge interest and a total of 94,000 applications for purchase of shares worth Rs28 billion were received.

The prime minister was also briefed about the progress of the proposed privatization of Hyatt Regency Hotel structure.

He was further informed that the first commodity exchange of the country would be established and almost all the issues in this regard have been resolved.

The prime minister was also briefed about the proposed privatization of Habib Bank Limited, Pakistan State Oil, Faisalabad Electric Supply Corporation and Jamshoro Power Company in the coming months.

The minister said the experience of involving small investor in the privatization was very encouraging and this would lead to similar participation of middle class investor in the privatization of other state enterprises.

The prime minister also asked the minister to expedite the privatization process of other public sector enterprises that have already been selected. He directed the process should continue with full transparency, keeping in view the national interests.—APP