Cabinet Committee on Privatisation (CCOP) has considered the strategic sale of Kot Addu Power Company Limited (Kapco) and directed Ministry of Water & Power and Privatisation Commission to complete all formalities before seeking a formal approval. A meeting of the CCOP chaired by Finance Minister Ishaq Dar, however, deferred the case of 5 per cent divestment of the government residual shareholding in Oil and Gas Development Company Limited (OGDCL).
The transaction structure for the privatisation of SME Bank in line with the guidelines of the SBP and divestment of 18.3 per cent government shareholding in Mari Petroleum Company Ltd were approved by the CCOP. The meeting decided that divestment of shares would either be completed through the JV Partners (Fauji Foundation and OGDCL) or Pakistan Stock Exchange.
The CCOP also approved to initiate the process for listing of GEPCO shares on Pakistan Stock Exchange through an IPO. The CCOP also recommended inclusion of House Building Finance Corporation Limited (HBFCL) and First Women Bank Limited (FWBL) in the 'privatisation programme for early implementation'.
The request of Ministry of Information and Broadcasting for delisting Shalimar Recording and Broadcasting Company Limited from the privatisation programme was also accepted by the CCOP.
The finance minister expressed his confidence that the decisions taken in the meeting would pave way for economic growth of the country and would also improve financial health of the entities. He further emphasised on the Privatisation Commission to ensure transparency in running the transactions as well as welfare of workers.
The CCOP meeting was attended by Minister for Law Zahid Hamid, Minister for Petroleum & natural Resources Shahid Khaqan Abbasi, Chairman Privatisation Commission Muhammad Zubair, Chairman BOI Dr Miftah Ismail, Chairman SECP Zafar Hijazi and other senior government officials.
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