ISLAMABAD, Dec 19: The Privatisation Commission Board (PCB) has constituted two separate pre-qualification committees for the divestment of Heavy Electrical Complex (HEC) and Hazara Phosphate and Chemicals Company Limited (HPFL).

The board in its meeting held here on Tuesday, with Federal Minister for Privatisation and Investment Zahid Hamid in the chair, also considered the highest bid of M/S Al-Hamd Chemicals for Lyallpur Chemical and Fertiliser Limited (LCFL) and recommended it for approval of the Cabinet Committee on Privatisation (CCoP).

It also adopted the audited accounts of the Privatisation Commission for the year ended June 30, 2006.

The meeting was apprised that in the light of Supreme Court Judgment in case of Pakistan Steel Mills Corporation and to streamline procedures, the PC (Hiring of Financial Advisors) Regulation 2006, PC (Modes and Procedures) Rules 2006, PC (Valuation of Property Rules 2006) have been suitably amended in consultation with Law Division.