ISLAMABAD, Sept 17: The Cabinet Committee on Privatization is meeting here on September 23 to review the slow process of privatization in the country.

According to informed sources, the meeting, to be chaired by Minister for Finance Shaukat Aziz, will discuss the performance of the Privatization Commission (PC) and propose fresh measures for accelerating the process of privatization.

President Gen Pervez Musharraf has reportedly directed the authorities concerned to accelerate the pace of disinvestment process, and take up bigger state enterprises including Nationalised Commercial Banks (NCBs) and the Development Financial Institutions (DFIs) at the earlier.

The sources said that questions were being raised about delay in Pakistan Telecommunication Company Limited (PTCL) sell-off specially when all three bidders had been prequalified.

The issue was likely to be debated in the CCoP meeting. There were reports that one of the prequalified bidders of PTCL —Rafiq Hariri group based in Saudi Arabia— was still using all its influence to get the majority shares of the PTCL along with the transfer of management.

“There is halt on PTCL privatization and now the government may ask the authorities of the PTCL to make the organization further viable without looking for its sale,” a source said adding that both the government and the PC were not very much interested in disinvesting the company.

After the sale of UBL, the sources said that Aga Khan Group has shown a keen interest to take over Habib Bank Limited (HBL) specially after Mian Mansha Group of MCB declined to take part in the privatization of this Bank. He has reportedly conveyed his displeasure to the higher authorities regarding the privatization of UBL by terming the transaction as childish and amateur one.

The sources said the CCoP meeting will take into account various suggestions to complete the bigger transactions like PTCL, HBL, NBP, OGDC, PPL and PSO as early as possible. “A special attention will be given on disinvesting OGDCL on priority,” a source said.

Before the CCoP meeting, the Board of the Privatization Commission will meet on 21 of this month to discuss various issues and approve some administrative measures for undertaking some new transactions.

A pre-bid conference has also been convened on September 21 for disinvesting Investment Corporation of Pakistan’s Mutual Fund (A-lot) and the remaining shares of the Bank Al-falah.