ISLAMABAD, Dec 21: The Cabinet Committee on Privatisation (CCOP) on Thursday took a formal decision on the exclusion of Heavy Mechanical Complex (HMC) and ENAR Petrotech from the privatisation programme in view of their strategic importance.

The decision was taken at a meeting of the cabinet committee chaired by the prime minister on December 21.

The meeting approved the highest bid of Rs280.20 million offered by Al Hamd Chemicals (Private) Limited for the purchase of 100 per cent shares of Lyallpur Chemicals and Fertiliser Limited, a unit of the National Fertiliser Corporation.

The CCOP also authorised the Privatisation Commission to sell 51 per cent shares of National Power Construction Corporation (Pvt) Ltd (NPCC) through an open, transparent and competitive bidding process. The NPCC is operating in Saudi Arabia and undertakes execution of power projects on turnkey basis, including extra high voltage transmission lines, LV distribution network, etc.

The CCOP noted that the privatisation of NPCC to a financially sound and technically qualified private investor would ensure better utilisation of company’s capabilities and enable it to secure more and bigger projects in the Middle East market, in particular, and thus create more employment opportunities for Pakistanis.

The government of Pakistan would still retain 49 per cent shares of the company and adequate representation on the board of directors of the company and hence benefit from its future growth.

The meeting was attended by the ministers for privatisation and investment; industries; production and special initiatives; labour and manpower; information technology and telecommunications; advisor to the prime minister on finance, federal secretaries and other senior officials.