ISLAMABAD: Privatisation Commission Board on Tuesday approved the draft Privatisation Commission (Government to Government Agreement Mode Manner and Procedure) Rules, 2023.

The board also approved a six-month extension to the contract of the audit firm with no additional fee for completion of Privatisation Commission audits for the period July 2013 to June 2022.

Furthermore, the board referred the decision for the transfer of 10 percent shares of the OGDCL in the name of the Petroleum Division to the Cabinet Committee on Privatisation (CCoP) as the divestment of shares had not been allowed by the CCOP/Cabinet earlier in 2021.

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The Caretaker Federal Minister for Privatisation, Fawad Hasan Fawad, chaired the meeting of the board here. The OGDCL shares were transferred in the name of Privatisation Commission in 2014 for proposed divestment through international and domestic offering of shares.

After postponement of the privatisation in November, 2014 the Privatisation Commission had again initiated the process for divestment of seven percent shares in August 2019.

However, the CCoP on the recommendation of the Petroleum Division had stopped the divestment in 2021 as the sale of shares at the prevalent price at the time was not deemed feasible.

Copyright Business Recorder, 2023