ISLAMABAD, March 22: The Privatisation Commission Board (PCB) has directed that every effort should be made to adhere to the indicative date for the bidding of Pakistan State Oil (PSO).

The board in its meeting held here on Thursday, with Federal Minister for Privatisation and Investment Zahid Hamid in the chair, decided that the position would be kept under review and the transaction would be completed as per the indicative schedule.

The board was informed that the due-diligence of PSO was being carried out by the parties since March 19 and was expected to be completed by next month.

The PC Board gave approval to the recommendations of the transaction committees for the appointment of financial adviser for the Global Depository Receipts (GDR) of UBL and for the sale of PIA-owned, Roosevelt Hotel, New York and allowed the PC to complete the contractual requirements.

The meeting also reviewed the progress of the Initial Public Offering (IPO) of Habib Bank Limited (HBL) and directed the concerned officials to expedite completion of formalities relating to the appointment of lead manager.

The board also reviewed the status and progress of other ongoing and upcoming entities and directed to complete them after resolving all issues.—APP