ISLAMABAD, Nov 28: Federal Minister for Privatisation Syed Naveed Qamar said on Friday that the government was considering privatising public sector entities through public-private partnership instead of outright sale of state-owned entities.

Speaking at the signing ceremony of the share purchase agreement and handing over of the Hazara Phosphate and Fertilisers (HPFL), the minister said that the government was in no hurry to privatise public sector entities, and all stakeholders would be taken into confidence prior to taking transactions to the market.

Mr Qamar said that privatisation process would be taken ahead while keeping in view market conditions.

This change in the privatisation policy came amid growing protests from unions on proposed sale of Qadirpur Gas Field.

Referring to the Hazara Phosphate’s privatisation, the minister expressed the hope that transparent and open process of HPFL privatisation would further restore investors’ confidence, and the new management of the HPFL would bring in fresh investment to expand operation and to increase production of fertilisers, which would help save foreign exchange which was being spent for import of urea/ DAP to meet the demand.

Mr Qamar stated that standard share purchase agreement was being followed by the PC since 1991 and employees were free to voluntarily exercise the golden handshake or voluntary separation schemes as practiced earlier.

The two schemes have been offered to permanent workers and executives of the HPFL.

Ahmed Shaikh CEO Azgard-9, on behalf of the Pak-American Fertilisers Limited, said that the PC conducted the transaction in a highly professional manner.

Ahmed Jawad, Secretary, Privatisation Commission, Mohammad Khalid Malik, Chairman, National Fertilisers Commission (NFC), and Ahmed Shaikh of PAFL signed the share purchase agreement on behalf of their respective organisations after receiving final payment of the remaining 75 per cent (Rs965.018 million of the bid price) and 50 per cent share of GHS/VSS of Rs45.040 million.

The privatisation commission had already received 25 per cent sale price (Rs335.006 million) for sale of HPFL within the stipulated period from the PAFL as per terms of the letter of acceptance.

Consequent to the approval by the Cabinet Committee on Privatisation (CCOP) on Sept 29 of the highest bid of Rs70 per share and declaration of Pak-American Fertilisers Limited (PAFL) as the successful bidder, letter of acceptance was issued on Sept 30 last.

The PC received the highest offer of Rs1. 34 billion from the PAFL at the rate of Rs70 per share for 100 per cent shares during an open bidding held on Sept 25 for sale of minimum of 90 per cent shares of the HPFL together with management control on ‘as is where is’ basis through an open bidding process.