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ISLAMABAD, Sept 6: The Privatization Commission has carried out privatization worth Rs7.6 billion in the first eight months of the present government through the sale of government shareholdings in the capital market by offloading government held shares of three entities — POL, ARL and D.G. Khan Cement — privatizing ICP-SEMF lot and the recently received highest offers for Thatta Cement Company and Associated Cement (Rohri).
This information was provided to the Privatization Commission Board in a meeting held under the chairmanship of Privatization and Investment Minister Dr Abdul Hafeez Shaikh here on Saturday.
The Privatization Commission Board recommended for approval of the CCoP the improved bid offer of Rs9 per share for the sale of 90 per cent shares of SCCP in Thatta Cement Company (TCCL) received from Al Abbass Group of Companies. This will fetch Rs646.173 million. In addition the Group would pick up the loan of Rs475 million.
The bid offer of Rs255 million for Associated Cement (Rohri) assets received from National Transport Company was also approved and recommended for the CCoP approval.
The meeting was informed that the offer for sale of NBP shares through the stock exchange was being targeted during the coming weeks, while the initial public offer (IPO) of OGDCL and public offer of SSGC and PIAC would follow soon thereafter.
The PC Board was informed that six parties had been allowed to enter the data room for the HBL transaction, which is being opened next week.
APP ADDS: The meeting was also informed that 16 EoIs for NITL had been received and the transaction was progressing smoothly.
Three potential bidders for Jamshoro Power Company (GENCO-1) submitted SoQs had been pre-qualified and they would be initiating due diligence shortly. They have been asked to sign an agreement of confidentiality. These included Crescent Group Consortium, Metro Securities (Pvt) Limited and UBL.
The PC board was informed that four parties had been pre-qualified for FESCO sell-off. These included Crescent Group Consortium, Rupaly Polyester Ltd, Fauji Foundation and UBL. They would also be undertaking due diligence of the transaction shortly.
As regards the privatization of PSO, the process of meeting the bidders had been completed and outstanding issues had been addressed. The bidding is expected to be held in October. Exact date will be announced in consultation with the bidders.
Earlier, the privatization minister said that Pakistan’s image abroad and the investment climate had improved, which would help in implementing the government’s privatization programme.
Dr Hafeez directed to hold frequent PC board meetings to gear up the pace of privatisation and to meet the scheduled targets for HBL, PSO, FESCO, JPC and KESC. He also asked the PC board to accelerate the privatisation process of Karachi Shipyard and Engineering Works keeping in view the country’s strategic needs.
