January 24, 2007	Wednesday	Muharram 04, 1428

ISLAMABAD, Jan 23: The country received record $3.3 billion in foreign investment during the first half (July-Dec) of the current fiscal year.

Federal Minister for Privatisation and Investment Zahid Hamid stated this in a meeting of the Privatisation Commission Board held here on Tuesday.

The minister informed the board that the foreign direct investment (FDI) showed a rise of 69pc to reach at $1.87 billion during the period, portfolio investment stood at $627 million while GDR receipt of MCB and OGDCL were $150 million and $731 million. The total foreign investment during the first half exceeded the $3.3bn-mark, he elaborated.

The meeting reviewed the progress regarding privatisation of Pakistan State Oil Company Limited (PSO) and expressed its satisfaction regarding the encouraging response from reputable local and foreign investors to the invitation of fresh EoIs.

The PC Board also constituted a six-member transaction committee to supervise various stages of the process including pre-qualification of parties to enable them to enter into the data room for necessary due-diligence.

It noted with appreciation that the domestic retail offering of OGDCL had been oversubscribed by 38 per cent following the successful GDR offering last month.

The Board reviewed the progress on transactions relating to IPO of HBL and GDRs of UBL, NBP, Kapco and HBL and gave necessary directions to expedite the process.

Jamshoro Power Company transaction was also discussed and it was decided to expeditiously resolve all pending matters so as to bring it to the bidding stage.

The meeting was informed that the PC had received 10 EoIs and SOQs from the interested parties to participate in the privatisation process of Heavy Electrical Complex (HEC), while eight EoIs and SoQs had been received in respect of Hazara Phosphate Fertilisers Ltd (HPFL).

The board was also apprised that process had been initiated for the privatisation of Pakistan Mineral Development Corporation’s coal and salt mines by inviting EoIs for appointment of financial adviser.

The meeting also discussed the work of the ‘future portfolio committee’ constituted to formulate recommendations for processing new transactions from the approved list of the Council of Common Interests (CCI).