ISLAMABAD, Dec 24: Prime Minister Shaukat Aziz on Thursday approved privatisation of the Karachi Shipyard and Engineering Works. The decision was taken after the premier was briefed by the committee constituted for evaluating the KS&EW for privatisation in 2003.

The step was aimed at making the shipyard viable which was running in losses ever since its inception and was accumulating huge losses. The committee, headed by the defence secretary, strongly recommended for the privatisation of the KS&EW.

The prime minister directed the privatisation commission to accelerate the process and complete the process of hiring the Financial adviser and feasibility report within a period of six months.

Privatisation of KS and EW will allow the shipyard to expand its activities increased shipbuilding and repair and serve as a maintenance hub for ships in the region. The meeting was attended by chief of Navel Staff, minister of state for defence, minister of state for finance and other senior officials of ministry of defence, KS&EW.