Federal Minister for Finance Senator Mohammad Ishaq Dar chaired meeting today at the Finance Ministry to review the progress made in the process of divestment of three Public Sector Entities (PSEs) namely OGDCL, PPL and UBL at the Finance Ministry today.
Chairman Privatization Commission, Mr. M. Zubair in a presentation given to the Finance Minister said that the Privatization Commission (PC) is working in an efficient and transparent manner to create an enabling environment that attracts private capital from foreign and domestic investors and also brings in qualified and experienced owners and operators.
According to the memorandum of economic and financial policies 2013-2014 and 2015-16, the chairman briefed the Minister on appointment of financial advisors and informed that the evaluation of technical and financial proposals is in final process. He said that the financial advisors for the first batch of prospective capital market transactions (OGDCL, PPL, and UBL) will be completed by April 22.
The Federal Minister was also informed that the process of transfer of properties to PTCL is being completed on fast track basis and only 4 transferable properties are left to be transferred.
The Federal Minister for Finance directed the Chairman of the Privatization Commission to ensure transparency, openness and level playing field at all levels of the process and to complete the whole process by June 2014.
The Privatization Commission plans to offload 10%, 5% and 20% of shares in OGDCL, PPL and UBL respectively from Government of Pakistan holding in the capital market to improve efficiency and performance of PSEs and to reduce burden on the tax payers’ money. The prospective strategic partnership is expected to bring Rs.143 billion in sale proceeds.
The meeting was also attended by Dr. Waqar Masood, Finance Secretary, Rana Assad Amin, Advisor to the Finance Ministry and senior officials from Finance Ministry and Privatization Commission