Islamabad, March 20, 2014 (PPI-OT): The Federal Minister for Finance, Senator Mohammad Ishaq Dar, chaired a meeting to review the progress made by the Privatization Commission in following the time line for the divestment of 3 entities already approved by the Cabinet Committee on Privatization (CCoP), today, at the Finance Ministry.
Minister of State for Privatization, Mr. Muhammad Zubair, in a detailed briefing explained that the Commission had been working with complete vigilance and efficiency to balance the competing objectives of maximizing sale proceeds while adequately addressing labour, social and environmental issues.
He said that, as the first step towards divesting shares in state owned entities, OGDCL, PPL and UBL will be offered to general public through prospective capital markets and the appointment of the Financial Advisors in this regard will be completed by the 3rd week of April 2014. He informed that out of the total shares held by the Government of Pakistan, only 10 -20% shares will be offered in the capital market and that will expectedly bring PKR.137 billion in proceeds.
The Federal Minister directed the Privatization Commission to exercise due diligence in the preparation of the offer circular. The Federal Minister also said that wherever possible pre-strategic partnership restructuring will be undertaken by the government to act as a catalyst factor in attracting private sector strategic partnerships and investment.
He said that while putting in place credible plans for restructuring, due process should not be compromised. He said that the whole process will also provide PSEs the incentive and flexibility to pursue long term investment plan thus liberating the Government from micro-management of PSEs.
The Federal Minister further directed the Chairman Privatization Commission to bring out a detailed plan of the operations and the expected time lines to meet the targets in the next meeting.
The meeting was also participated by Dr. Waqar Masood, Secretary Finance, Mr. Moazzam Ali, Consultant Privatization Commission, Mr. Assad Rasool, Senior Consultant Privatization Commission, Rana Assad Amin, Advisor to Finance Division, Special Assistant to Finance Minister, Mr. Shahid Mahmood and senior officials of the Ministry of Finance.
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