The Privatisation Commission Board on Saturday held in-camera discussion on Karachi Electric Supply Corporation (KESC) privatisation case and after hearing the members'' points of view decided to refer it to the Cabinet for consideration.
Sources told Business Recorder that the Board considered Hassan Associate''s offer for KESC in an in-camera session and unanimously decided to refer the matter, as a special case, to the Cabinet for guidance.
Sources said: "KESC''s sell-off involves a number of complexities of legal financial and procedural nature and the Board recommended to refer it to the Cabinet for broader discussion and guidance".
Privatisation Minister Dr Abdul Hafeez Shaikh chaired the board meeting.
Addressing the meeting, he said that privatisation process was contributing towards generating new investments, job opportunities and revenues as the private sector was making expansions in the privatised entities for increase in production.
The minister said that privatisation process would continue as per schedule in the most transparent manner and up to the satisfaction of all stakeholders. Significant development had been noticed during the recently conducted privatisation process, which attracted a large number of local and foreign investors, he said.
The highest offers received for Javedan and Mustehkam cement companies were endorsed by the Board and recommended to the Cabinet Committee on Privatisation (CCoP).
PC had received highest offer of Rs 80 per share, making total of Rs, 4.315 billion for the sale of 96.34 percent shares of Javedan Cement Limited (JCL) from Ghani Usman Group, while highest offer of Rs 305 per share, making total of Rs 3.204 billion was given by Bestway Cement Ltd for 8529 percent shares (10,507,934 shares) of Mustehkam Cement Limited (MCL).
The Board reviewed bidding results for the sale of assets of Bolan Textile Mills machinery (BTM), which got offers of Rs 110 million from Sadaf Enterprises. The Board recommended to CCoP to reject the offer for not being within the acceptable range and to hold re-bidding of the transaction.
The Board formed pre-qualification committees for Pakistan Steel Mills Corporation (PSMC) and Pak American Fertilisers Limited (PAFL).
The matter pertaining to the pre-qualification process of prospective bidders for the privatisation of Pakistan Petroleum Limited was also reviewed. The meeting also reviewed the implementation status of various ongoing and upcoming transactions. Board members, representatives of respective Ministries /departments and officials attended the meeting.