June 27, 2008	Friday	Jamadi-us-Sani 22, 1429

ISLAMABAD, June 26: In order to make the privatisation policy pro-worker, the government has announced that the employees of state-owned enterprises will be given 10 per cent shares of their respective entities.

Privatisation Minister Naveed Qamar on Thursday told a meeting of the commission to implement the decision “as soon as possible”.

Mr Qamar, who is also chairman of the Privatisation Commission, formed a committee to work out modalities for the transfer of shares to workers of government-run enterprises.

The meeting approved the privatisation programme for 2008-09. It envisages disinvestment of Hazara Phosphate and Fertilisers, Heavy Electrical Complex (90 per cent shares), Jamshoro Power Company (51 per cent), Faisalabad Electric Supply Co (56 per cent), Printing Corporation of Pakistan (assets), Pakistan Machine Tool Factory (90 per cent), Morafco Industries (assets), Sindh Engineering (assets), Lakhra Coal Mines Project, Khewra Salt Mines, Pakistan Steel Mills Corp (10 per cent through IPO) and Services International Hotel.

The privatisation programme, already approved by the Council of Common Interests, will be reviewed soon in order to prepare a final list for future privatisation. The board also formulated recommendations for the cabinet committee on privatisation (CCoP) in order to reprioritise the programme.

The minister said the government was trying to make the privatisation process pro-worker and pro-people and would transfer the benefit of privatisation to them in a transparent manner.

“The employees and respective stakeholders of state-owned entities would be taken on board before initiating the process of privatisation,” he added.

The PC board was briefed on the status of ongoing transactions and was informed that a financial adviser had been appointed for the divestment of Kot Addu Power Company (Kapco) shares in the international market through global depository receipts.

A pre-qualification committee is busy finalising recommendations for pre-qualification of parties interested in acquiring the SME Bank. The matter would be taken up at the next meeting.