March 10 fixed for PSO and PSMC bidding: UBL second IPO allowed

The Cabinet Committee on Privatisation (CCOP), which met here on Saturday with Prime Minister Shaukat Aziz in the chair, approved a Privatisation Commission proposal to offer both Pakistan State Oil (PSO) and Pakistan Steel Mills Corporation (PSMC) for bidding on March 10.
Sources said the consultants for PSO, PTCL and PSMC gave detailed presentations to the CCoP on respective transactions and said that the Privatisation Commission was putting in its best efforts and was providing all-out support to all concerned ministries/divisions and other government departments to complete the process by first week of March.
The Committee was also informed that the Privatisation Commission would ensure completion of all three major transactions-PTCL, PSO and PSMC--before the expiry of Dr Abdul Hafeez Shaikh''''s tenure as senator. His term as senator is to ending on March 11.
The meeting was told that the Privatisation Board would meet on March 8 to make recommendations to the CCoP that would meet the very next day--on March 9. This would be followed by bidding for PSO and PSMC on March 10.
It was also decided that the CCoP would again meet the same evening to give approval to the final bid offer, if accepted by the Privatisation Commission.
On the issue of PTCL, the CCoP was informed that a formal agreement between the government of Pakistan (GoP) and Etisalat Telecom was expected before the end of the current month.
The CCoP approved the Second Public Offering of 5 percent United Bank Limited shares with another 5 percent green-shoe option. The shares would be offered to the general public in two lots of 500 and 1000 shares. The offering would be made in the next eight weeks.
The Committee was informed that eight patties had been pre-qualified for participating in the bidding for Pak-American Fertiliser Company Limited. It was also told that the bidding for the company would be held on February 28.
The CCoP was also briefed on the upcoming transactions up to June 30, 2006, namely SNGPL, SSGC, NIT Units, Jamshoro Power Company and IPOs of SLIC and Parco.
The CCoP noted that the privatisation program was moving satisfactorily, and appreciated the efforts of the Privatisation Commission in professionally pursuing the program.