KARACHI, June 5: The bidding for sale of 51 per cent shares in Pakistan State Oil (PSO) would be held as scheduled by the end of current fiscal year, Zahid Hamid, Minister for Privatisation and Investment, told Dawn on Tuesday.

He was discussing the issue in the afternoon following the news that the Sindh High Court had upheld decision of Privatisation Commission to disqualify one of the intending bidders, the Attock Group.

The court, while dismissing the group’s application had lifted the stay order, paving way for the process of privatisation to go ahead.

Minister Hamid stated that seven consortiums of bidders had completed their due diligence and site visit.

“We are currently in the process of holding discussions with the bidders, following which pre-bid meeting will be held,” Hamid said.

He reiterated government’s commitment to sell-off PSO by the end of June this year.

“We are sticking to the deadline,” the minister said.

Prime Minister Shaukat Aziz had also on several occasions told investors that PSO would be privatised during the current fiscal year.

The Privatisation Minister said that the government would be able to raise a total of Rs2 billion from the privatisation this fiscal year, which include those of PSO, HBL IPO and UBL GDRs.

The government expects to fetch US$500 million or more from the sale of controlling interest in Pakistan’s biggest Oil marketing Company (OMC).

Currently seven parties are in the run to offer bids for PSO. British oil and gas group would join hands with the country’s Kohinoor Group and Petronas of Malaysia with the MCB Bank. Others in the run include Saudi-based Aljomaih Holding Company with Kuwait’s Noor Financial Investment Company and Fauji Foundation; Saudi Dabbagh Group Holding with Savola Group and Goldman Sachs (Asia); and Bakri International Energy Systems with Salsal Petroleum. There was the possibility of Vitol SA of Switzerland to rally with Fauji Foundation.