Appointment of financial advisors: PC Board gives go-ahead to invite EOIs

After taking on board the management of the respective entities and the concerned ministries, the Board of the PC, which met here on Wednesday under the chairmanship of Senator Waqar Ahmed Khan Federal Minister for Privatisation gave go ahead for inviting Expressions of Interests (EOIs) for appointment of Financial Advisors for Pakistan Post Offices Departments (PPOD), National Power Construction Company (NPCC), Heavy Electrical Complex (HEC) and the listing of Islamabad Electric Power Company (Iesco) on the Stock Exchange for its Initial Public Offering (IPO).
According to an official announcement, the Financial Advisors will valuate these entities and suggest the best possible option for taking the transaction forward for their value addition, including corporatisation, revamping, revitalisation, management outsourcing through Public Private Partnership (PPP), divestment of shares through domestic and international Capital markets.
The PC board formed various transaction committees for these entities comprising on PC board members to monitor the progress of the process for ensuring utmost transparency and satisfaction of the all the respective stakeholders.
Earlier, the minutes of the previous Board''s meeting were approved and the implementation status of the decisions of the previous Board''s meeting were reviewed. PC Board''s committee was also formed on Audit. It was also decided to invite fresh EOIs for selection of a panel of Chartered Accountants and to retain the existing panel for a period of three upcoming months.
Addressing on this occasion, Senator Waqar said that the government was determined to restrict to the policymaking and not to run the businesses. He directed the PC officials to function within the parameters of the Privatisation Law and to support all those entities, which were endeavouring to make them profitable and to adopt most beneficial modes, while executing the transaction on the approved privatisation list. The PC Board members, Minister for Pakistan Post, senior officials of the respective ministries, departments, including ministry of finance and PC officials attended the meeting.-PR