ISLAMABAD, Aug 6: Minister for Privatisation, Investment and Finance Syed Naveed Qamar on Wednesday directed the Privatisation Commission (PC) to finalise the schedule for disinvesting various public sector entities during September-October 2008.
He presided over the PC meeting which also decided to complete the necessary documentation, listing process, regulatory approvals and international marketing for the Global Depository Receipts (GDR) of Kot Addu Power Company (Kapco) by October 2008.
A PC official told Dawn that initially 10 to 15 per cent shares of Kapco will be offloaded in the international capital market through GDR. “The effort is to stabilise the process first which could lead to the company’s GDR hopefully within this calendar year,” he said.
He said that the meeting also decided to complete the internal process of privatising 20 small transactions. However, he said that bigger transactions would be brought in the market after the improvement of overall security situation across the country.
The minister directed the PC to settle all issues with the pre-qualified bidders and the CBA and Officers Association for concluding the privatisation of SME Bank in September 2008 and to finalise the bidding documents well in advance. The meeting was informed that most of the issues have been settled and the CBA and Officers Association of SME Bank were being taken on board in the light of the government’s decision.
It was also decided to hold bidding for the privatisation of 90 per cent shares of Hazara Phosphate Fertilisers Limited with management control and National Power Construction Company during September 2008. The Minister directed that the process for privatization of Heavy Electrical Complex should also be expedited to complete this transaction in September 2008.
Syed Naveed Qamar directed the officials concerned to expedite the privatisation process for the sale of 26 Pakistan Tourism Development Corporation’s motels and restaurants, which have received enthusiastic response from the reputed investors in the related field.
He said that all relevant rules and regulations should be strictly observed at every step of the privatisation process which should be completed with utmost care and in an open, fair and transparent manner while due care should be given in the valuation process of all public sector entities in order to maximise the sale proceeds at the right price and to ensure level-playing field for all prospective participating parties.