ISLAMABAD, Dec 11: A number of Dubai-based international investors have shown their keen interest to participate in the privatization of some of the state sector enterprises including PTCL, Habib Bank, United Bank and government’s 30 per cent shareholding in the oil and gas sector.

Informed sources said that Secretary Privatization Commission Ahmad Waqar left Islamabad here on Tuesday for Dubai to meet some of the potential investors and apprise them about the new road map drawn for disinvesting some of the important public sector corporations by December 2002.

After Ahmad Waqar’s day-long visit to Dubai, the Privatization Commission would shortly send a team to the United Arab Emirates (UAE) to hold road-shows for attracting investment particularly for Pakistan Telecommunication Company Ltd (PTCL), Nationalized Commercial Banks (NCBs), National Investment Trust (NIT), Oil and Gas Development Corporation Ltd (OGDCL), Pakistan State Oil (PSO) and 9 oil wells currently working under the ministry of petroleum and natural resources.

Sources said that the Privatization Commission wanted to associate some more foreign groups and consortium to disinvest 26 per cent PTCL shares along with the transfer of management. It had already received 10 Expressions of Interest (EOIs) for PTCL and some more parties were likely to be wooed by Ahmad Waqar. The Privatization Commission has kept his day-long visit secret and it was said that the outcome of his visit will be known to the public shortly.

According to a new official study, an indirect expenditure constantly being incurred by the budget is the losses of the public sector corporations. Although 99 per cent state owned units have been privatized and 23 closed down, public sector corporations continue to haemorrhage the federal budget. During 1999-2000, the government picked up a total liability of Rs 91.33 billion, equal to more than 3 per cent of the GDP, on behalf of these corporations.

Further, major public sector corporations incurred a loss of Rs 33.7 billion in 2000-2001. It is through the privatization programme that the government aims at encouraging the private sector to play a pivotal role in national development, reducing the haemorrhage to budget on account of public sector corporation losses, and generating resource both for debt retirement as well as for poverty reduction.

According to the study, the stock markets will be used to reactivate the process of the privatization that faced a big blow due to September 11 events. Highly reputed international financial advisors have been appointed through a transparent and competitive process to disinvest the remaining state sector enterprises.