ISLAMABAD, Aug 2: The Council of Common Interests (CCI) on Wednesday reaffirmed its earlier decision to privatise the Pakistan Steel Mills, approved 28 sell-off deals and allowed privatisation of 10 more units.

The council met here after a lapse of eight years with Prime Minister Shaukat Aziz in the chair. The meting was attended by chief ministers and other CCI members.

All members of the council, except NWFP Chief Minister Akram Khan Durrani, supported the decision on privatisation. Chief Minister Durrani abstained, citing his party’s stand that profit-making units should not be privatised.

The 10 units approved for privatisation include National Investment Trust Ltd, Small and Medium Enterprises Bank, First Women’s Bank, National Power Construction Co., and Services International Hotel in Lahore. Disinvestment of shares of various banks was also approved.

Privatisation and Investment Minister Zahid Hamid informed the meeting that 159 privatisation transactions had been completed since 1991, brining Rs373 billion to the exchequer.

The prime minister said the government had introduced a law to govern the privatisation process under which 90 per cent of the proceeds would be used to pay off debt and 10 per cent for poverty alleviation.

The CCI was reconstituted on the directive of the Supreme Court in the PSM privatisation case. The first meeting of the CCI had been held in August 1978 after its constitution in 1975. Its last meeting was held in November 1998.

Information Minister Muhammad Ali Durrani told journalists that the council had decided to meet every six weeks in accordance with the Supreme Court’s decision.