PC Board reviews privatization program till June 2007
By Asad Cheema

ISLAMABAD—Zahid Hamid Federal Minister for Privatisation and Investment said on Saturday that the government was fully committed to vigorously pursuing its privatisation policy and to transfer the anagement of the public sector entities to the efficient private sector who had the capacity to bring in new investment and latest technology for expansion of the projects and to increase the production and revenues of the government.
He stated this while presiding over the Privatisation Commission Board which reviewed the progress and status of the whole privatisation programme till June 2007.
The PC Board discussed the recommendations of the Committee for the proper sequencing of strategic sale of the public sector entities to be offered and the initial public offering as well as secondary public offering for the divestment of government shares through capital market. The Board decided that the Privatisation Commission would set up target dates for each transaction and firm dates would be announced for information of the public well in time to avoid speculation.
The Board approved recommendations of the committee for pre- qualification of the bidders for the privatisation of National Power Construction Corporation (NPCC). It discussed matters related to the secondary public offering of the shares of United Bank Limited (UBL) and offer of shares to employees of the Pakistan Telecommunication Company Limited (PTCL).
Progress of privatisation of Pakistan State Oil (PSO) was also reviewed.
The PC Board also considered the case of Saindak Metals Limited/ Saindak Development Corporation SDC) and recommended its de-listing from the privatisation program in view of the fact that the project has been leased outfor 10 years to a Chinese company.
In the case of public offerings, this would not only benefit small investors but also increase market capitalization.
The Board noted with approval that as per its recommendations, the PC had filed review petition in respect of the decision of the honorable Supreme Court of Pakistan in the Pakistan Steel Mills Corporation privatisation case.
The PC Board members and the senior officials of the respective ministries and departments were present during the meeting.