Officials gave a presentation to Economic Co-operation Organisation meeting which indicated that the government has paid Rs 7.349 billion to 32,290 workers of 100 privatised units under the all Pakistan state enterprise workers'' action committee (APSEWAC) agreement, signed on October 15, 1991 to expedite the process of privatisation.
They informed during the presentation of High Level Experts Group (HLEG) on privatisation and private sector development here on Wednesday that Pakistan was reaping benefits of the privatisation in the form of quick economic growth.
Senior Financial Consultant of Privatisation Commission, Asghar told the participants that Pakistan fully protects the workers as per labour laws. He said that as a special measure no retrenchment of the employees is allowed during the first twelve months and 10 percent shares of the privatised units are offered to the employees at a mutually agreed rate.
Asghar said under this agreement, shares of five units have been offered at discount rates. These units included Kohat Cement, Dandot Cement, Gribwal Cement, Ittehad Chemicals and Pak American Fertiliser. Cash profit was distributed to the employees of three privatised units and these units were D.G Khan Cement, Mapple Leaf Cement and National Refinery Limited.
Sardar Abdul Ahad Effendi Senior Consultant Banking and Zahid Aziz Consultant Industries briefed the delegates regarding the role of Financial Advisers in Privatisation process, privatisation of the banking sector and capital market, role of the government and legal & regulatory framework of the Privatisation Commission.
The meeting considered devising a strategy for cross country investment and for inviting each other tender/public notices of privatisation and decided to establish a working group comprising Azerbaijan, Iran, Pakistan, Turkey and ECO secretariat to study the details of establishment of a website on privatisation related issues in ECO website, which would indicated linkages to websites of the privatisation administration of the member states.
The member states would prepare required information, news and announcements about their respective activities in the field of privatisation and private sector development. Iran would host a working group meeting in October 2007.
The meeting reviewed the implementation of Plan of Action on privatisation and decided for frequent interaction among the respective privatisation administrations for getting knowledge of structure, process and legal framework related to the privatisation. It decided to firm up concrete proposals on activities/programmes envisaged in the Plan of Action during the workshop on privatisation being held in Baku on June 6-8, 2007.
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