ISLAMABAD, May 25: The Privatisation Commission Board on Friday directed completion of PSO, IPO of HBL and UBL GDR transactions during the current fiscal year.

According to a statement the meeting of the PC board was held under the chairmanship of Zahid Hamid, federal minister for privatisation and investment here.

The meeting reviewed in detail the progress achieved in the privatisation of Pakistan State Oil (PSO), launching of Global Depository Receipts (GDR) of United Bank Limited (UBL), Initial Public Offering of Habib Bank Limited (HBL), Heavy Electrical Complex (HEC), land/ assets of Services International Hotel and Republic Motors and Hazara Phosphate and Fertilisers Limited.

The board issued necessary directions for expediting all these transactions within the current fiscal year.

Zahid Hamid informed the board that during the past ten months of the current fiscal year the total foreign investment was a record $6bn, which was indicative of the confidence of the foreign investors in the economic policies of the government.

This very positive and favourable investors’ sentiment was also evident from the Thursday issue of the $750 million 10-year bond, which was oversubscribed 7 times and priced very favourably at 6.875 per cent.

The board also took note of the misleading reports regarding the privatisation of NIT and observed that according to the approved transaction structure, which was reopened in November 2005 and was on-going since June 2003, 47.75pc of total NIT units (i.e. the units not covered by the Letters of Comfort issued by the ministry of finance) would be divided into three equal parts and management rights of each part would be sold to three different parties at the highest bid price. Hence no one party could purchase management rights to more than 16pc holding and the apprehensions of manipulation were, therefore, misplaced.—APP