05 October 2004	Tuesday	19 Shaban 1425

ISLAMABAD, Oct 4: Privatization and Investment Minister Dr Abdul Hafeez Shaikh on Monday directed the Privatization Commission to accelerate the process of privatization of KESC, KAPCO, CTI, NRL, PCP and ICP.

According to a press release issued here, the minister said this while chairing a meeting of the Privatization Commission Board. The minister also directed that procedural hindering/bottlenecks in the transactions should be cleared on war footings in order to pave way for a transparent and smooth privatization of these units.

The PC Board decided to hold a pre-bid meeting for the KESC transaction on October 7 and bidding by the end of November. The exact date will be finalized in consultation with the prospective bidders.

The board approved the transaction structure for the sale of National Refinery Limited and also the criteria for pre-qualification of bidders for the strategic sale of NRL. The recommendations of the board will now be placed before the Cabinet Committee on Privatization (CCoP) for approval.

The PC board also reviewed the transaction of Carrier Telephone Industries (CTI) and directed that the transaction should be brought to the point of sale at the earliest. The government has earlier decided to divest 53 per cent of its share holding in CTI.

The meeting also decided to set up a committee to expedite the IPO of KAPCO so that the public offering could take place by October/November. The PC board also approved the inclusion of Printing Corporation of Pakistan Press, Lahore, in the privatization programme.

A presentation was given to the board on various options for privatization of Investment Corporation of Pakistan (ICP) as it stands after transfer of management rights and recommended suitable structure for approval of the CoP. The meeting was also attended by secretaries and other officers of the ministries/divisions concerned.