The government is considering privatisation of public sector entities through public-private partnership, instead of outright sale. Minister for Privatisation Naveed Qamer said this at the handing over ceremony of Hazara Phosphate and Fertilisers (Pvt) Limited (HPFL) to Pak-American Fertilisers Limited on Friday, which in turn handed over a cheque of Rs 965.018 million to the minister as final payment of the unit.
The decampment of share purchase agreement was signed by Secretary, Privatisation Commission, Ahmed Jawad, and CEO, Pak-American Fertiliser Limited, Ahmed Sheikh. The minister said that there was no haste in the privatisation of public sector entities, and all stakeholders were being taken into confidence while taking final decisions.
He added that all privatisation process would be taken ahead while keeping in view the market conditions. He expressed hope that privatisation of HPFL would further restore the confidence of investors, and the new management would bring in fresh investment to expand the operation and increase production of fertilisers, which would help in saving foreign exchange being spent on import of urea and DAP to meet domestic need.
The minister said that standard criteria were being followed by the Privatisation Commission since 1991, and employees were free to voluntarily exercise the offer as being practised. Golden Hand Shake Scheme and Voluntary Separation Scheme have been offered to permanent workers and executives of HPFL, he added. Ahmed Shaikh said that the new management would run the company in a professional manner, and would expand its capacity to meet the demand of the country.
He said that due to the increase in fertiliser production, not only the domestic demand would be met, but it would also save the foreign exchange being spent on the import of urea and DAP.
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