Attock group disqualified: PSO bidding postponed to May 19

The Privatisation Commission (PC) has shifted the PSO bidding date from May 5 to May 19 and has finally decided not to enlist the Attock group as one of the bidders. The Attock group was earlier disqualified from bidding, as the US Justice Department on BCCI case wants one of its senior members.
Also, one of its associates, an Arab national, is under investigation. The final decision to disqualify the group was taken at the PC meeting on Thursday held at the PIDC House Karachi presided over by Minister for Privatisation and Investment Zahid Hamid. Secretary privatisation and other members of the PC also attended.
The matters related to the Attock group was discussed during the PC board meeting. The PC board, on the request of the seven qualified parties and financial advisor, extended the final date of bid from May 5 to May 19. The board has also decided that the privatisation of PSO will not be postponed and all efforts will be made to complete the transaction process this year.
The board also reviewed the status of the privatisation transactions of the Habib Bank Limited (HBL)'s initial public offering (IPO) and the United Bank Limited Global Depository Receipts (GDR) and National Investment Limited privatisation.
Talking to newsmen, minister for privatisation Zahid Hamid informed that the PC board has turned down the Attock group's request to participate in the PSO bidding.
He said the present PC has taken this decision keeping in view the judgement of Supreme Court on the Pakistan Steel (PS), in which it had declared the PS privatisation null and void. He said that "this is a sensitive issue and I can not comment further on this however, this is the final decision that Attock group can not take part in the PSO bidding".
"We have set May 19 for the final bidding date of PSO, instead of May 5 on the request of the qualified parties," he said and added that due to the extension in the date, the process of privatisation process will not be disturbed. He added that the PSO privatisation process would be completed during the current fiscal year.
He said that all arrangements have been finalised for the PSO bidding to hold it on time and that the PC will continue the privatisation process. For the HBL IPO financial advisor has been appointed and it would be launched during the current fiscal year, the minister said.