ISLAMABAD, Dec 14: The National Assembly’s standing committee on privatisation and investment at its meeting held here on Thursday appreciated the privatisation policy, but said the Privatisation Commission should take effective measures to safeguard the interests of employees before privatising any unit.

Minister for Privatisation and Investment Zahid Hamid briefed the participants of the meeting about privatisation of the National Refinery Limited. He said 51 per cent shares of the NRL had been transferred to the Attock Group through a complete and transparent bidding process on July 7, 2005.

He said Rs38,462 had been paid to each worker as a cash subsidy in lieu of the offer for sale of shares with a total cost of Rs13 million after its privatisation. He also informed the committee about the divestment of 10 per cent equity of the OGDCL.

However, the retail offering is expected to start in mid-December 2006 with the publication of ‘Offering for the Sale Document’, which will be followed by subscription period during which the public will be able to apply for OGDCL shares.

MNA Syed Mohammad Asghar Shah presided over the meeting.