ISLAMABAD, March 30: The Privatisation Commission Board on Friday approved prequalification of parties for the privatisation of National Investment Trust Limited (NITL) and Heavy Electrical Complex (HEC) and also approved the transaction structure for the privatisation of Pakistan Tourism Development Corporation (PTDC) Motels and Restaurants.

Regarding the privatisation of PSO, it was decided that the Privatisation Commission/ Transaction Committee should consider all the latest developments and relevant available information and submit its detailed report for decision of the board.

A meeting of the board of the Privatisation Commission was held under the chairmanship of the federal minister for privatisation and investment Zahid Hamid here on Friday.

The PC board reviewed the progress and status of the privatisation process of Pakistan State Oil (PSO), initial public offering of Habib Bank Limited (HBL), Global Depository Receipts (GDR) of United Bank Limited (UBL) and other upcoming transactions.

The PC board was informed that the top-ranked party for appointment as lead manager for HBL IPO is Global Securities Pakistan Limited.

The top-ranked parties for appointment as financial advisor for the UBL GDR transaction is Consortium of Merrill Lynch and KASB, and for Roosevelt Hotel transaction is Consortium of Citi Group and Cushman & Wakefield.

The PC board decided that all these parties be asked to finalise necessary documentation in this regard.

The PC board also discussed the matter of the IPO of Pakistan Steel Mills Corporation (PSMC), and decided that the PC may initiate the proposal for appointment of lead manager for the transaction, who would submit recommendations regarding the transaction structure, including size and timings. —APP