PC Board approved roadmap for capital market transaction

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ISLAMABAD: The Privatization Commission (PC) Board on Thursday approved the roadmap for the capital market transaction upto June 30 and also allowed to initiate the process for the hiring of financial advisor (FA) for the Exchangeable Bonds for Oil & Gas Development Company Limited (OGDCL).

The Board met here under the chairmanship of Federal Minister for Privatization, Syed Naveed Qamar decided that a committee comprising of Finance Division, Ministry of Petroleum & Natural Resources and the Privatization Commission will jointly administer the Exchangeable Bonds for OGDCL.

Naveed Qamar said that on privatization front, there was a major shift from strategic sale to the Public Private Partnership (PPP) to bring in professional, efficient management from the private sector for enhancing the production, making value addition to national assets by making them profitable and creating more jobs through expansions in the Public Sector Entities (PSEs).

The government was determined to put Pakistan on the map of global capital markets, he added.

The roadmap for the capital market transactions include exchangeable bonds of OGDCL and initial public offering (IPO) of State Life Insurance Company (SILC), Pak Arab Refinery Company (PARCO), Government Holdings Petroleum Limited (GHPL), National Insurance Company Limited (NICL), Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (IESCO- after approval by the Council of Common Interest (CCI), Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL) and Global Depository Receipts (GDR) of Kot Adu Power Company (KAPCO), Habib Bank Limited (HBL) and National Bank of Pakistan (NBP).

Prior to undertaking these Transactions, road shows will be organized at Hong Kong, Singapore, Dubai, London and New York in next 2-3 months.

The PC Board constituted a Committee for formulating its recommendations under Public Private Partnership (PPP) mode prior to initiating the process for Jamshoro Power Company Limited (JPCL).

While reviewing the implementation status of the decisions of the earlier Board meeting, the PC Board was informed that a committee constituted to review the Supreme Court's judgment before proceeding ahead regarding any privatization related issue of Pakistan Steel Mills Corporation (PSMC), opined that the PC being petitioner before Supreme Court of Pakistan cannot undertake any such exercise, however, the efforts should be made to evolve an approach for early disposal of the case pending since long.

The PC Board reviewed the privatization of Heavy Electrical Company (HEC) and modalities for finalizing the transaction. The possibilities of the Public Private Partnership (PPP) for the other Public Sector Entities (PSEs) on the active list were also considered.

The PC board members, senior officials of Finance, Petroleum & Natural Resources, Industries and Privatization Commission attended the meeting.