State assets sale fetches Rs 42 billion

The Privatisation Commission broken all previous records and fetched Rs 42 billion through the sale of state-assets in the present government included strategic sale of Habib Bank Limited (HBL), and initial public offering of the National Bank of Pakistan (NBP), the Oil and Gas Development Corporation (OGDC), and the Sui Southern Gas Company (SSGC).
The privatisation activity in the country directly deals with the poverty alleviation, employment generation, and debt-retirement.
In the first year of the present government, the Privatisation Commission has broken all the records by undertaking privatisation transactions worth Rs 42 billion.
The transactions included strategic sale of Habib Bank Limited, which was conducted in a transparent and professional manner.
In addition, the emphasis was on the transfer of the benefits of privatisation to the general public through the public offerings of the OGDCL and the SSGC, which received an unprecedented and enthusiastic response.
Dr Abdul Hafeez Shaikh stated this while addressing the Privatisation Commission Board on weekend.
He said the privatisation activity attracted fresh investment, and created additional job opportunities through privatisation, adding: "We were very much confident while privatising the national assets that such activities would bring impetus to economic growth and investment and the benefits of the privatisation would be directly transmitted to the people of Pakistan whether through the public offerings of the government of Pakistan shares in the public sector entities or through the strategic sale of our national assets."
Dr Hafeez also said the private sector had the capability to improve the workforce and generate maxim profits out of the businesses.
The PC Board directed that whole process of divestment of the shares of the public sector entities on domestic stock exchanges should be accelerated, and the possibility of GDR in selected cases be examined in detail for making appropriate recommendations for approval of the government.
The PC Board was informed that public offering of PIA, PPL and Kapco were under process.
The PC Board expressed its satisfaction over the privatisation status of the KESC, which was now at an advance stage. Four parties are in the process of conducting due diligence in the data room.
On the completion of due diligence, a pre-bid meeting was proposed to be held next month.
It also decided that the Lahore Faletti's Hotel's privatisation be processed essentially as a hotel transaction.
The Board appreciated the divestment of the SSGC shares, which was oversubscribed by 15 times with 258,089 applications worth Rs 13 billion, including 243,116 applications for 1,000 shares.
The meeting was attended by Dr S. Javed Hussain Mian, MNA, Parliamentary Secretary for Privatisation, PC Board members, senior officials of the ministries of Petroleum & Natural Resources, Sports Tourism & Culture, Water & Power, Finance, SBP, SECP, PTCL and Privatisation Commission.