AGL 38.00 Increased By ▲ 0.01 (0.03%)
AIRLINK 210.38 Decreased By ▼ -5.15 (-2.39%)
BOP 9.48 Decreased By ▼ -0.32 (-3.27%)
CNERGY 6.48 Decreased By ▼ -0.31 (-4.57%)
DCL 8.96 Decreased By ▼ -0.21 (-2.29%)
DFML 38.37 Decreased By ▼ -0.59 (-1.51%)
DGKC 96.92 Decreased By ▼ -3.33 (-3.32%)
FCCL 36.40 Decreased By ▼ -0.30 (-0.82%)
FFBL 88.94 No Change ▼ 0.00 (0%)
FFL 14.95 Increased By ▲ 0.46 (3.17%)
HUBC 130.69 Decreased By ▼ -3.44 (-2.56%)
HUMNL 13.29 Decreased By ▼ -0.34 (-2.49%)
KEL 5.50 Decreased By ▼ -0.19 (-3.34%)
KOSM 6.93 Decreased By ▼ -0.39 (-5.33%)
MLCF 44.78 Decreased By ▼ -1.09 (-2.38%)
NBP 59.07 Decreased By ▼ -2.21 (-3.61%)
OGDC 230.13 Decreased By ▼ -2.46 (-1.06%)
PAEL 39.29 Decreased By ▼ -1.44 (-3.54%)
PIBTL 8.31 Decreased By ▼ -0.27 (-3.15%)
PPL 200.35 Decreased By ▼ -2.99 (-1.47%)
PRL 38.88 Decreased By ▼ -1.93 (-4.73%)
PTC 26.88 Decreased By ▼ -1.43 (-5.05%)
SEARL 103.63 Decreased By ▼ -4.88 (-4.5%)
TELE 8.45 Decreased By ▼ -0.29 (-3.32%)
TOMCL 35.25 Decreased By ▼ -0.58 (-1.62%)
TPLP 13.52 Decreased By ▼ -0.32 (-2.31%)
TREET 25.01 Increased By ▲ 0.63 (2.58%)
TRG 64.12 Increased By ▲ 2.97 (4.86%)
UNITY 34.52 Decreased By ▼ -0.32 (-0.92%)
WTL 1.78 Increased By ▲ 0.06 (3.49%)
BR100 12,096 Decreased By -150 (-1.22%)
BR30 37,715 Decreased By -670.4 (-1.75%)
KSE100 112,415 Decreased By -1509.6 (-1.33%)
KSE30 35,508 Decreased By -535.7 (-1.49%)

The National Assembly standing committee on privatisation has strongly opposed National Investment Trust (NIT) sell-off and asked the Privatisation Commission to have a second look on its policy towards this key institution.
Sources said the committee held a meeting on NIT sell-off here on Wednesday and after threadbare discussion and hearing Privatisation minister Zahid Hamid''''s argument observed that NIT was a key instrument with the government to check the stock market exploitation and make sure that none of its player tales its undue advantage.
Zahid Hamid made a detailed presentation on steps taken by the Privatisation Commission to make NIT sell-off process transparent. He claimed that NIT privatisation will increase its annual and so the income of its individual and institutional units holders. However, the standing committee in absolute majority rejected his point of view that termed Privatisation decision of selling NIT as highly doubtful.
Two former privatisation ministers Khawaja Asif and Syed Naveed Qamar inquired from privatisation minister as to why Privatisation Commission was in haste to off-load NIT. They were of the view that Privatisation Commission''''s plan to off-load NIT was meant to handover it to some selected party.
NIT is a roughly Rs 80 billion fund and its annual income after tax) ranges between five to six billions. Being a huge fund it''''s a big player of the stock market. The investors feel that their investment in NIT, a government managed fund, was more safe and secure.
Sources said the standing committee members were of the view that NIT sell-off would hurt the units'''' holders interest and it would be in the best interest of the public that the trust remains with the government. The Privatisation Commission''''s extraordinary interest in NIT sale is creating doubts among standing committee members.
Sources said the standing committee members referred the Pakistan Steel Mills Corporation (PSMC) case, which was struck down by the apex court after privatisation. The committee members asked the Privatisation Commission authorities to refrain from repeating PSMC history in NIT case.
NIT sell off case is already in trouble due to short-listing of a Karachi-based fund management company which was part of the successful consortium in PSMC sell-off case.

Copyright Business Recorder, 2007

Comments

Comments are closed.