The Board of Privatisation Commission (BPC) met here on Tuesday under the chairmanship of the Federal Minister for Privatisation Ghous Bux Khan Mahar and discussed the timetable for Capital Market Transaction, the Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL) and to accelerate the process. The PC Board was updated on the transaction.
A six-member Transaction Committee, which is in the process of finalising the Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL) is headed by a senior PC board member Iftikhar ul Haq with Mahmood Nawaz Shah, Farid Malik PC Board members, the Federal Secretaries Petroleum & Natural Resources, Privatisation, Finance, Chairman SECP and MD PPL as its members.
The meeting also reviewed the recommendations for the pre-qualification of the prospective bidders of the Transaction Committee of National Power Construction Company (NPCC) and pre-qualified five potential parties for participation in the due diligence/bidding process. Ten companies submitted Expression of Interest for the transaction at the initial stage. The pre-qualified parties include three Saudi, one Korean and one Pakistani company, ie, Saudi Cable Company, KSA, Mansour Al Mosaid Co, KSA, Durat Al Masana Est. for Trade, KSA, GS Engineering & Construction Corp, Korea and Consortium of Fatima Trading Company (Pvt) Ltd and Fatima Sugar & Pakarab Fertiliser, Pakistan.
The Financial Advisory consortium comprising the KASB Bank as consortium lead member along with M/s Mohsin Tayebaly and Company (Legal Consultants), M/s Riaz Ahmed & Company Chartered Accountants (Accounting and Tax Consultants) and M/s BARQAAB Consulting Services (Pvt) Ltd (Technical Consultants) is processing the transaction. NPCC currently rated amongst top contractors, is a specialist contracting outfit for turnkey management of Power Projects, ie, Extra High Voltage Transmission Lines, Distribution Networks, Substations, Power Generation Plants, Industrial Electrification, External Lighting of Housing Complexes, etc.
While addressing the meeting Ghous Bux Khan Mahar Federal Minister for Privatisation directed the PC to exercise utmost transparency in every phase of the privatisation process of Public Sector Entities for their value addition and to associate all stakeholders for their complete satisfaction in an open and fair manner. The PC board reviewed the implementation status of the decisions taken in the earlier meeting and the progress of other various on going and upcoming transactions. Amjad Ali Khan Secretary Privatisation conducted the meeting while the PC Board members; representatives of PPL, NPCC, SECP, Finance, Petroleum & Natural Resources Divisions and senior officials/Transaction Mangers of PC attended the meeting.-PR