Federal Minister for Privatisation & Investment Dr Abdul Hafeez Shaikh has urged the general public to prepare their Computerised National Identity Cards (CNICs) and to open their CDC accounts for participating in the upcoming Initial Public Offering (IPO) of GoP shares in the United Bank Limited (UBL). According to the privatisation commission, the minister stated while addressing the privatisation commission board meeting here on Tuesday. He asked officials concerned to simplify application forms with necessary information in Urdu to facilitate the general public and to issue instructions to bankers to the offer to guide and accommodate applicants for their convenience and not to repeat incidents of the recent past.
The minister asked the PC officials and the lead manager to start a series of road shows all over the country, especially in smaller cities, towns and rural areas for creating awareness among masses to benefit from the privatisation process under the government's policy of "privatisation for the people".
The cabinet committee on privatisation (CCoP) has fixed the offer size at 200 shares per applicant in order to pass on the benefits to a larger cross-section of the general public and is expected to finalise the offer price for the UBL IPO in its forthcoming meeting.
The PC board was apprised of the progress in the privatisation process of Karachi Shipyard & Engineering Works Limited (KSEW).
It was reported that a consortium comprising of ORIX Investment Bank Pakistan Limited, Terra Marine S.A. of Switzerland, HTSPE International, Appledore International, KPMG and Mohsin Tayebaly & Company, had been appointed as the financial advisors for the privatisation of KSEW and had been tasked with presenting the recommended privatisation strategy for KSEW by June this year. The board asked the financial advisors to make a preliminary presentation on the privatisation process of KSEW in its next meeting.
The board approved the mode 'for the transfer of Kapco shares to Wapda employees and took note of current status of various ongoing and upcoming transactions including the Pakistan Telecommunication Company Limited (PTCL), Pak Arab Fertilisers Limited (PAFL) and National Refinery Limited (NRL) and issued directions for expediting the same.
The PC board also constituted a committee for the pre-qualification of potential bidders for the Pakistan State Oil (PSO).
Board members and senior officials of respective ministries and departments were present during the meeting.
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