The Privatisation Commission's (PC) Board is likely to meet in a couple of weeks to review the recommendations made by sub-committee of Cabinet Committee on Privatisation (CCOP) on Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL). The date of the meeting is yet to be finalised, sources said.
Sources said that the PC, which will meet under the chairmanship of Federal Minister of Privatisation Ghous Bux Khan Mahar will be briefed on the upcoming SPO of PPL. The Board directed PC to obtain approval of the transaction structure and other related issues for PPL from the Cabinet Committee on Privatisation (CCOP) and its offering should be planned accordingly. The CCOP constituted sub-committee to look into the matter of SPO and present its report.
The other transactions, which will be reviewed in upcoming meeting of Board included Pakistan Mineral Development Corporation (PMDC), Eight Salt and Coal Mines projects, encompassing Lakhra Coal Mines (District Jamshoro), Sor-Range Coal Mines (District Quetta), Degari Coal Mines (District Kalat), Sharigh Coal Mines (District Sibbi), Khewara Salt Mines (District Jehlum), Warcha Salt Mines (District Khushab), Kalabagh Salt mines (District Mianwali) and Jatta/ Bahadur Khel/Karak Salt Quarries (District Karak).
The Council of Common Interest (CCI) already gave approval for these transactions. The Transaction Committee will present its report on due diligence process of the SoQ for finalising the pre-qualified bidders for NPCC in the board meeting.
The meeting will also review sale process of National Power Company. Ten potential parties submitted Express of Interest (EoI) and Statements of Qualifications (SoQs) for the privatisation of National Power Company, which includes Al Arrab Contracting Co, Saudi Arabia, Mansour Al Mosaid Co, Saudi Arabia, Saudi Cable Company, Saudi Arabia, Pergola Holding, Inc, Saudi Arabia, Durat Al Masana Est. for Trade, Saudi Arabia, IRINA TECH W.L.L (Pvt) Ltd, Bahrain, GS Engineering & Construction Corp.
Korea, Fatima Group of Companies, Pakistan, M. A. H Consortium, Pakistan Consortium of i) Mishal Sania (Pvt) Ltd, Pakistan; ii) Muhammad Ayub Sheikh and iii) Mrs Hummara Ayub and Lilley - SMADB (Joint Venture), Pakistan Consortium of i-Lilley International (Pvt) Limited, Pakistan and ii-Sardar Mohammad Ashraf D. Baluch (Pvt) Ltd, Pakistan (SMADB).
The matters pertaining to the privatisation of SME Bank will also come under discussion. The PC board will further review the investment policy for PC Funds, which was devised in accordance with the Finance Division's guidelines. The meeting is likely to formulate various recommendations for Cabinet Committee on Privatization (CCOP) and review the status and progress of the on-going and upcoming transactions.