ISLAMABAD, July 6: The Privatisation Commission Board on Thursday decided to privatise a number of state sector enterprises including Pakistan State Oil (PSO), National Investment Trust (NIT), machinery of the Lasbela Textile Mills and finalising Global Depository Receipt (GDR) of the Oil and Gas Development Company Limited (OGDCL) by December 31, 2006.

Informed sources told Dawn that the meeting presided over by Minister for Privatisation and Investment Zahid Hamid directed the concerned officials to speed up the low pace of privatisation programme.

The Board members also called for privatising Sui Northern Gas Pipeline Company (SNGPL), Sui Southern Gas Company (SSGC), Pakistan Petroleum Limited (PPL) and the land of the Services International Hotel, Lahore by the second quarter of 2007.

Sources said that the privatisation minister told the meeting that time had come when various transactions which were delayed due to one reason or the other in the past "must be immediately brought forward to a bidding point".

He expressed the hope that all the pending transactions would further restore the confidence of the local and foreign investors.

He also asked the small investors to consider opening CDC accounts and obtain computerised National Identity Cards for participating in the upcoming public offerings of GoP shares in United Bank Limited (UBL), State Life Insurance Company Limited (SLIC) and OGDCL.

He directed the PC to simplify the application forms in this regard with necessary information in Urdu so as to facilitate the small investors and issue instructions to the respective bankers to guide them in completing requisite formalities.

The minister also asked the PC officials to plan a series of roadshows especially in smaller cities, towns and rural areas for creating awareness among the masses to benefit from the planned public offerings. The PC Board reviewed the status and progress of ongoing and upcoming transactions and directed that necessary steps be taken for their expeditious completion in an open fair and transparent manner after completing all prescribed rules and regulations.