August 11, 2006	Friday	Rajab 15, 1427

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ISLAMABAD, Aug 10: The Privatisation Commission on Thursday vowed to restart the process of privatisation of the Pakistan Steel Mills. The decision was taken at a meeting of the Privatisation Commission board, which was presided over by Federal Minister for Privatisation and Investment Zahid Hamid.

The PSM privatisation process would be started afresh, the minister said.

He said the commission would accelerate the privatisation process of public sector entities in accordance with privatisation law and the programme approved by the Council of Common Interests.

The basic concept of privatisation, he said, was to reduce direct government involvement in running businesses and associate professional private sector in increasing efficiency, production, revenues and fresh investments, reducing government subsidies in public sector entities by following an open, fair and transparent process.

Referring to the Supreme Court judgment in the PSM case, the minister said the government had implemented the directions of the apex court by making the Council of Common Interests functional within six weeks time fixed by the court.

At its first meeting on Aug 2, the reconstituted council had reaffirmed the approval obtained in 1997 for privatising the PSM.

The minister pointed out that the apex court had upheld the Privatisation Commission Ordinance, 2000, under which the commission would be able to pursue the approved privatisation programme in accordance with rules and regulations keeping in view observations of the Supreme Court.

The board also recommended to the Cabinet Committee on Privatisation approval of the highest bid of Rs156 million for the sale of machinery of the Lasbella Textile Mills.

The board reviewed the status and progress of ongoing and upcoming transactions and directed that necessary steps should be taken for their early completion in an open, fair and transparent manner after completing formalities.

The meeting was attended by senior officials of different ministries and departments.