Islamabad: The Board of Privatisation Commission (BPC), which met here under the chairmanship of Federal Minister of Privatisation Mr. Ghous Bux Khan Mahar, was briefed regarding the upcoming Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL) here today.
The Board directed PC to obtain approval of the transaction structure and other related issues for PPL from the Cabinet Committee on Privatisation (CCOP) and its offering should be planned accordingly.
The PC Board also gave approval to go ahead with the privatisation process of Pakistan Mineral development Corporation (PMDC)’s Eight (8) Salt and Coal Mines projects, which include Lakhra Coal Mines (District Jamshoro), Sor-Range Coal Mines (District Quetta), Degari Coal Mines (District Kalat), Sharigh Coal Mines (District Sibi), Khewara Salt Mines (District Jehlum), Warcha Salt Mines (District Khushab), Kalabagh Salt mines (District Mianwali) and Jatta/ Bahaddur Khel/ Karak Salt Quarries (District Karak). The Council of Common Interest (CCI) has already given approval for these transactions.
The meeting was informed that ten potential parties submitted Express of Interest (EOI) and Statements of Qualifications (SoQs) for the privatisation of National Power Company, which include Al Arrab Contracting Co., Saudi Arabia, Mansour Al Mosaid Co., Saudi Arabia, Saudi Cable Company, Saudi Arabia, Pergola Holding, Inc., Saudi Arabia, Durat Al Masana Est. for Trade, Saudi Arabia, IRINA TECH W.L.L (Pvt.) Ltd., Bahrain, GS Engineering and Construction Corp. Korea, Fatima Group of Companies, Pakistan, M. A. H Consortium, Pakistan Consortium of I) Mishal Sania (Pvt.) Ltd., Pakistan; ii) Mr.Muhammad Ayub Shiekh and iii) Mrs. Hummara Ayub and Lilley – SMADB (Joint Venture), Pakistan Consortium of I-Lilley International (Pvt.) Limited, Pakistan and ii-Sardar Mohammad Ashraf D. Baluch (Pvt.) Ltd., Pakistan (SMADB).
The PC board directed the Transaction Committee to complete the due diligence process of the SoQ for finalizing the pre-qualified bidders for NPCC.
The matter pertaining to the privatisation of SME Bank also came under discussion and it was decided that the transaction committee should review the status and reinitiate the process.
The PC board further decided to devise investment policy for PC Funds in accordance with the Finance Division’s guidelines.
The meeting formulated various recommendations for Cabinet Committee On Privatisation (CCOP) and reviewed the status and progress of the ongoing and upcoming transactions. Earlier, the minutes of the previous meeting were approved.
The Secretary Privatisation Commission Mr. Shahid Raja conducted the proceedings while PC Board members; representatives of the respective departments/ ministries and PC officials attended the meeting.
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