The Cabinet Committee on Privatisation (CCoP) on Wednesday approved transaction structure for Karachi Electric Supply Corporation (KESC), allowing the Privatisation Commission (PC) to sell 51 percent to 73 percent shares of the utility to a strategic buyer. The meeting, chaired by Prime Minister Shaukat Aziz, was informed that the bidding for KESC has been scheduled in December 2004.
The Prime Minister said that the privatisation of the utility was of critical importance to increase its efficiency and bringing relief to consumers.
According to an official handout, the committee also approved inclusion of UBL's Initial Public Offering (IPO) in the privatisation programme, and asked the Privatisation Commission to give preference to small applicants in line with the government policy.
According to the handout the CCoP gave go ahead for the transaction structure for privatisation of National Investment Trust Limited (NITL) with the direction that the interest of small unit holders be protected while processing the transaction.
The meeting gave approval for the sale of 51 percent equity of National Refinery Limited (NRL) and the sale of ICP Shell Company as an ongoing concern.
The CCoP decided that the land and building of Lasbela Textile Mills may be given to Balochistan government for establishing University for Agriculture, Biomedical and Water Sciences to meet the educational requirements of the province.
The committee directed the Privatisation Commission to sell the plant and machinery of the unit separately. Earlier, attempts to privatise the unit had not succeeded.
The meeting allowed the inclusion of Printing Corporation of Pakistan Press (Pvt) Limited (PCPL), and Tomato Paste Plant in the Privatisation Program and gave go-ahead for completing the process of privatisation of International Advertising Limited (IAL).