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ISLAMABAD: Minister of State for Privatisation Mohammad Zubair informed the Cabinet Committee on Privatisation (CCoP) on Tuesday that work on OGDCL transaction was being done on fast track and it would be completed by September.
The cabinet body at its meeting, chaired by Finance Minister Ishaq Dar, took stock of the progress made by the Privatisation Commission in the disinvestment of entities.
Mr Zubair, who is also chairman of Privatisation Commission, made a detailed briefing on the privatisation process, and said that the commission has been working with total commitment to follow the timelines given by the CCoP to complete the transactions already approved.
He updated the finance minister on the progress being made so far in the regard and said that as the first step towards divestment of shares in state-owned entities, PPL and UBL have already been sold through the capital markets.
Finance Minister Ishaq Dar said that reforms process undertaken by the government would also help in the successful and transparent completion of the privatisation process as Pakistan has already made successful entry in the international capital markets.
Also read: The privatisation narratives
He emphasised that during the whole process the Privatisation Commission would have to maintain transparency at all levels of the transaction.
Mr Dar stressed that no government shares will be sold for less, adding that “we should strive for maximising participation from both foreign and domestic investors and fetch in the best price possible for the country.”
He observed that with the successes of oversubscribed Eurobond, auction of spectrum licences and now in sale of UBL and PPL shares, international investors have more confidence in the financial standing of our country.
The minister also directed that while putting in place credible plans for restructuring and divestment, due process should not be compromised.
He said that the whole process will also provide PSEs the incentive and flexibility to pursue long-term investment plans thus liberating the government from micro-management of PSEs.
The CCoP meeting was attended, among others, by Rana Assad Amin, Adviser to Finance Ministry, Special Assistant to Finance Minister Shahid Mahmood and officials of the Privatisation Commission.
Published in Dawn, July 9th , 2014
