Privatisation Commission

3 Message from the Chairman, Privatisation Commission Privatisation is an important policy tool for generating growth and addressing structural imbalances by removing artificial barriers, attracting investment, and opening-up the economy.

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Message from the
Minister for Finance, Revenue, Economic
Aairs, Statistics and Privatisation
Pakistan’s privatisation program is focused on
attracting private sector capital and managerial
expertise through the divestment of identiied
public sector entities (“PSEs”) in a transparent
manner. The program includes the divestment
of PSEs in the oil and gas, power, and inancial
Improve the PSE's provision of services to the general public; and
Enhanced capital formation for the domestic power sector outside the
Gov
Rationalized prices and subsidies while maintaining certain socially
desir
able policies such as rural electriication and low-income lifeline
tari rates.
Mohammad Ishaq Dar
Minister
Message from the
Chairman,
Privatisation Commission
Privatisation is an important policy tool for generating growth and addressing structural
imbalances by removing artiicial barriers, attracting investment, and opening-up the economy
Mohammad Zubair
Chairman
The Government of Pakistan is committed to pursuing privatisation as a core element of its economic reform
agenda. The privatisation program aims to reduce Pakistan’s iscal burden, improve service delivery to the people
Government of Pakistan have been acknowledged internationally as is evident from the award of ‘Issuer of the
Year’ given to Pakistan by IFR Asia. Furthermore, the United Bank Limited transaction also received the “Best Deal
Privatisation is an open, fair and transparent process,
for the beneit of the people of Pakistan,
in the right way, to the right people, at the right time.
Mission Statement
Pakistan's privatisation program is an important
economic reform policy tool for generating growth
and erasing structural ineiciencies by removing
Mismanagement and ov
er-staing
Inappropriat
e and costly investments
Poor c
overage and quality of services
High debt and iscal lo
sses
“The Transfer of Managed Established Order 1978”
induced denationalization policy except for sugar and a
tractor plant, and the same were transferred to private
sector. Two further attempts of denationalization
in 1985 and 1989 had little success. Nevertheless,
the Government succeed in divesting 10% shares of
Pakistan International Airlines (“PIA”) via an initial public
oering in 1988.
ORGANOGRAM OF PRIVATISATION
COMMISSION
Consultants
ORGANIZATIONAL STRUCTURE
OF PRIVATISATION COMMISSION
The human resources of the PC is of hybrid nature, comprising of Civil Servants, Consultants and other Sta. The
activities of the PC are governed through its Board ("PC Board"), which is headed by the Chairman, who is also
Chairman of the PC. The current PC Board, was appointed in December 2013 and extended in March 2014, comprises
of twelve (12) Members, who are eminent professionals and prominent personalities of various quarters of life.
Sardar Ahmad Nawaz Sukhera
Arsallah Khan Hoti
Zafar Iqbal
Mr. Khurram Schehzad
Mr. Yawar Irfan Khan
Nauman K. Dar
Shahid Shaiq
Engr. M. A. Jabbar
Ashfaq Yousuf Tola
Zafar Iqbal Sobani
Zaar A. Khan
CAREER SUMMARY
Appointed as Minister of State / Chairman Privatization Commission on 18th December to date.
Appointed as Chair
man, Board of Investment on 12th July, 2013 to 17th December, 2013.
Par
t of PML- N Economic, Tax Reforms Media Committees, 20122013.
Work
ed for Leading American IT Company IBM: 1981 to 2007 including key International Assignments in
Paris, Rome, Milan and Dubai.
Chief Financial O
icer, IBM Middle East / Africa Region 2004 – 2007.
Chief Financial O
icer, IBM Pakistan – 1998 – 2003.
Financial Contr
oller & CFO, IBM Middle East based in Dubai – 1995 – 1997.
Financial Oper
ations Oicer, IBM Southern Europe based in Milan, Italy – 1993 – 1995.
Ac
counting & Treasury Manager, IBM Pakistan – 1990 – 1992.
Tr
easury & Investment Operations Manager IBM Africa based in Paris, France – 1988 – 1990.
AWARDS / RECOGNITIONS
Awarded Administrative Achievement Award for best employee IBM Pakistan – 1981.
Aw
arded Presidents Award for best performance in IBM Europe – 1997.
Att
ended IBM Convention in Naples, Italy for outstanding performance – 1993.
Aw
arded IBM Europe / Middle East / Africa Region Certiicate for outstanding performance during 2002.
Se
veral Other Awards and Recognitions achieved during the course of career with IBM.
EDUCATION
Master’s in Business Administration (MBA) from the Institute of Business Administration (IBA).
OTHER ACHIEVEMENTS
Elected on the Board of Directors of IBA, Karachi as their Student Representative – 1980.
Taught F
inancial Management at the Institute of Business Administration, Karachi in the evening campus –
1981 – 1986.
Remained on boar
d of the American Business Council in inancial advisory capacity during the period
2004 – 2007.
Member of the Overseas In
vestors Chamber of Commerce and Industry 2004 – 2007.
Regularly c
ontributed articles on business subjects in leading Pakistani papers since 2007.
Mohammad Zubair
Chairman, Priv
atisation Commission
Mohammad Zubair
Chairman, Priv
atisation Commission
Naseer A. Akhtar is the President and CEO of InfoTech Group, Pakistan’s leading information and communication
technology irm with oices in Pakistan, Singapore, United Kingdom, Ghana, and United Arab Emirates. He has
over 30 years of professional experience and is a sought after mentor and speaker on such topics like global trade,
Sardar Ahmad Nawaz Sukhera
Secr
Member, B
oard of Privatisation Commission
Engr. Memon Abdul Jabbar is Chief Executive of Qaim Automotive Mfg. Pvt. Ltd., and is Chairman of the Karachi
Tools & Dies Mold Centre. He has over 30 years of experience across a wide range of industries and sectors including
engineering; light, medium and heavy industries; power generation; cement; steel; shipyards; and international
trade.
Engr. Jabbar is also a Director of the National Fertilizer Corporation; Director of the Pakistan Standard Quality
Control Authority; Director of the Sindh Board of Investment Sindh, Govt. of Sindh; Director of the Public Private
Partnership Policy Board Govt. of Sindh and of the Sindh Public Procurement Regulatory Authority Govt. of
Sindh Advisory Committee Federal Tax Ombudsman. He was also Chairman of the North Sindh Urban Services
Corporation; Vice President Federation of Pakistan Chambers of Commerce and Industry; Chairman WTO Resource
Centre and R&D Committees FPCCI; Chairman SITE Association of Industry Karachi; and life time member FPCCI/
SAARC CCI.
Engr. M. A. Jabbar
Member, Board of Privatisation Commission
Mr. Nasiruddin Ahmed has over 40 years of experience, particularly in government, where was recently a member of
Mr. Zaar A. Khan is an adjunct professor at the Institute of Business Administration where he teaches human
resource management, and he also teaches at the Pakistan Institute of Corporate Governance. Mr. Khan has over
35 years of professional experience at Engro (previously Exxon) having worked in Pakistan, Hong Kong, United
States and Singapore, where he held numerous posts including that of CEO.
Mr. Khan has also served on a number of boards where he is currently a board member of Shell Pakistan, Unilever
Pakistan, International Industries, Askari Bank, Acumen Fund Pakistan, and the Pakistan Centre for Philanthropy.
Previously, Mr. Khan served as Chairman of Pakistan Telecommunication Company Limited, the Karachi Stock
Exchange, Pakistan International Airlines, United Bank, and the State Bank of Pakistan. Mr. Khan has also served
as President of Overseas Chamber of Commerce & Industries & several Government of Pakistan committees such
as the Economic Advisory Committee, Pay & Pension Committee, and the National Environment Quality Standard.
Mr. Aziz Nishtar is an advocate and legal consultant at Nishtar & Zafar, and has over 28 years of experience in
consulting, corporate law, domestic and international tax planning, public private partnerships, joint venture, and
government advisory particularly in policy, legislative, and statuary issues regarding taxation and commercial law.
Mr. Nishtar was tax counsel with Engro Corporation and has advised on transaction, legal structures and tax
eiciency. He also worked at Tax Analysts. Inc. as a news editor and sta writer; was Assistant Commissioner at
the Federal Board of Revenue; Assistant Director at the Export Promotion Bureau; Corporate Planning Oicer at
Pakistan International Airlines and was an assistant director at the Agriculture Development Bank. Mr. Nishtar has
also worked as an advisor to UNICEF, the Sindh Child Protection Authority; Asian Development Bank; Government
of Sindh on public procurement policy; IATA; and assisted Barrister Zafarullah Khan.
Mr. Nishtar is a member of the Islamabad High Court Bar Association; member of the Islamabad District Bar
Association; member of the Karachi Tax Bar Association; and was admitted to the practice of law in all High Courts
in Pakistan. Mr. Nishtar has an LLM in Taxation and Corporate Law from Harvard Law School.
Member, Board of Privatisation Commission
Mr. Nauman K Dar is President and CEO of the Habib Bank Limited, and has extensive experience in the inancial
services sector. Prior to Habib Bank, Mr. Dar was Vice President at Citibank and Head of Risk Management for East
Africa, and was Managing Director at Bank of America. He also holds memberships in the Institute of Directors
Mr. Ashfaq Yousaf Tola is the senior partner of Naveed Zafar Ashfaq Jaery & Co. Chartered Accountants. He
has the expertise of tax planning and advisory, assurance and business advisory services, international mergers
&acquisitions, corporate inance and investment advisory, due diligence and forensic audits, inancial product
designing and launching, and public listing and ccorporate aaairs. He was also a partner with Nasir Javed Maqsood
Imran Ashfaq, Chartered Accountants, and Principal Strategic Oicer at Stallion Textiles; CEO of Fincon; and Chief
Internal Auditor at National Development Leasing Corporation, and was a trainee student at A.F. Ferguson & Co.,
Chartered Accountants.
Mr. Tola holds professional memberships with the Institute of Chartered Accountants of Pakistan, and the Institute
of Cost and Management Accountants of Pakistan.
Ashfaq Yousaf Tola
Member, Board of Privatisation Commission
Mr. Khurram Schehzad is CEO of Lakson Investments, and has extensive experience in investment research,
corporate inance advisory, funds advisory and portfolio management. Previously he served as Vice President
at Arif Habib Group, overseeing equity brokerage as well as group research (domestic &international), extending
coverage from equities to commodities, real estate, manufacturing (cements, fertilizers, steel, energy and dairies)
in direct coordination with the group chair. He also served as Head of Financial and Economic Research at Invest
Mr. Yawar Irfan Khan is a Director of the Lahore Transport Company, director of Oil and Gas Development Company
Description of Decisions
Decisions of the Board of the Privatisation Commission
Minister for Finance, Economic
airs, Revenue, Statistics and
Privatisation
Chairman
2.

Minist
er for Commerce & Textile
Industry

Minist
er for Industries and
Production
Minist
er for Law Justice and
Human Rights
Minist
er for Planning and
Development
Minist
Minist
er for Ports and ShippingMember
Minist
er for Privatisation Member
Minist
er for Water and PowerMember
Apart from the above mentioned Members, following
can also be invited by Special Invitation.
Minister for Planning, Development & Reforms
Gov
ernor, State Bank of Pakistan
Chairman, Pri
vatisation Commission
Chairman, S
ecurity Exchange Commission of
Pakistan
Chairman, B
oard of Investment
Secr
Secr
Secr
Secr
Secr
Secr
Secr
Secr
Secr
Secr
Issued by Cabinet Division vide notiication No 5/4/2013-com dated
06.2013
Terms of Reference
Formulate the Privatisation Policy for approval of
Appro
ve the PSEs to be privatised on the
recommendation of the PC or otherwise.
Tak
e policy decisions on inter-ministerial issues
relating to the privatisation process.
Re
view and monitor the progress of privatisation.
Instruc
t the PC to submit reports/information/
data relating to the privatisation process or any
Tak
e policy decisions on matters pertaining
to privatisation, restructuring, deregulation,
regulatory bodies and Privatisation Fund Account.
Appro
ve the reference price in respect of the PSEs
being privatised.
Appro
ve the successful bidders.
Consider and
approve the recommendations of
the PC on any matter.
Assign
any other task relating to privatisation to
the PC.
Issued by Cabinet Division vide notiication No 5/4/2007-com
dat
ed 27.03.2009
COUNCIL OF COMMON
INTERESTS
Article 153 of the Constitution of Islamic Republic of
Pakistan provides for a Council of Common Interests
("CCI") comprising the Chief Ministers of the Provinces
and an equal number of members from the Federal
Government. The CCI, headed by the Prime Minister of
Pakistan, is exclusively responsible to the Parliament.
The CCI formulates and regulates policies in relation
to matters in Part II of the Federal Legislative List
and exercise supervision and control over related
institutions.
Decisions of the CCI are expressed in terms of opinion of the
The Prime Minister
ii.Chief Minister, Baluchistan Member
iii.Chief Minister, Punjab
iv.
Chief Minister, Sindh
Chief Minister, Khyber Pakhtunkhwa
Pir Syed Sadaruddin Shah Rashadi
(by name)
Minister for Overseas Pakistanis &
Human Resource Development
Lt. General (Rtd.) Abdul Qadir
Baloch (by name)
Minister for States and Frontier
Regions
Sardar Muhammad Yousaf (by
Minister for Religious Aairs and
Interfaith Harmony
Issued by Cabinet Division vide notiication No 2(50)/2013CCI, dated
08
.02.2014
Terms of Reference
Cases relating to formulation and regulation of policies
in relation to the following matters and supervision and
control over the related institutions shall be submitted
to the CCI:
Railw
ays
b.
Mineral oil
and natural gas, liquids and substances
declared by Federal law to be dangerously
c.
Dev
elopment of industries, where development
under Federal control is declared by Federal law
to be expedient in the public interest; institutions,
establishments, bodies and corporations
administered or managed by the Federal
Government immediately before the 14th August,
1973, including Water and Power Development
Authority and the Pakistan Industrial
Development Corporation; all undertaking,
projects and schemes of such institutions,
establishments, bodies and corporations;
industries, projects and undertaking owned
wholly or partially by the Federal Govt. or by a
Electricit
y.
Major ports
, powers of the ports authorities
therein.
f.
All regulator
y authorities established under
Federal Law.
Fees in r
espect of any of the matters speciied
above but not including fees taken in any court.
Inter pro
vincial matters and co-ordinations.
Legal, medical and other pr
ofessions.
Standards in Institutions f
or higher education
and research, scientiic and technical institutions.
k.
Oense
s against law with respect to any of the
matters speciied above.
Inquiries and statis
tics for the purposes of any of
the matters speciied above.
Matters incidental or ancillary t
o any of the
matters speciied above.
Complaints as to int
erference with water supplies
(Article 155 of the Constitution).
o.
Implementation of the directions gi
ven by the
parliament for action by the Council (Article
154(4) of the Constitution)
Approval of Privatisation
Program
The CCI in 1997 and 2006 approved a broad-based
privatisation program including PSEs in various sectors
like banking & inance, oil & gas, power, infrastructure,
18
PRIVATISATION PROGRAM
Privatisation is a high priority area for the present
Government as part of its overall economic reforms
agenda. The scope of the PC includes PSEs in the
power, oil & gas, banking & insurance, infrastructure &
transport, telecom, real estate and industrial sectors.
The CCI in 1997, 2006, 2011 & 2014 had approved a
broad-based privatisation program of the entities
falling in the purview of Federal Legislative List, Part-
II.Moreover, the CCOP in October 2013 and June 2014
approved a broad-based (Appendix-I) as well as priority
privatisation program (Appendix-II).
To harness the private sector’s capital and managerial
potential the program was modeled around the concept
of Public Private Partnerships ("PPP") wherein the
management is to be transferred to investors through
sale of 26% shares and strategic sales. The program also
Sr. #
Mode of Transaction
Oil & Gas Sector
(TP
Muza
argarh
(1350 MW)
Divestment with Management Control
7Lahore Electric Supply Company Limited ("LESCO")Divestment with Management Control
Islamabad Electric Supply Company Limited
("IESCO")
Divestment with Management Control
Industries, Transport & Real Estate
9Pakistan International Airlines Corp ("PIA")
Restructuring followed by divestment of 26%
GoP equity stakes to strategic partner with
Management control
KEY HIGHLIGHTS OF CAPITAL
One of the Large
Total demand of o
ver PKR 63 billion (~USD 632
million) generated at selling price of PKR 158 per
shares i.e. Demand of ~394 million shares against
the oer size of ~242 million shares
Generat
ed robust international demand of over
USD 500 million (equivalent of PKR 50 billion) at
the selling price of PKR 158 per share
Generat
ed domestic demand of over PKR 12
billion at the selling price of PKR 158 per share
Over 30 int
ernational equity fund managers/
qualiied institutional buyers (QIB’s) participated
and successfully allocated ~81% of total oer size
of ~ 242 million shares
Over 200 dome
One of the large
st ever domestic secondary
public oering: GOP divested approximately 5%
GOP shareholding in PPL raising PKR 15.3 billion
Via dome
stic book building mechanism: PPL
transaction was the largest domestic book
building ever conducted in the history of the
country.
Firs
t ever GOP oering through book building:
PPL’s SPO was the irst time the Government
utilized the domestic book building mechanism
to oer shares to the local investors. Historically,
the government has used GDRs for international
transactions and public oer through balloting for
local transactions.
Firs
t transaction where deal price was higher
Oversubscribed
by 2.04x: Domestic and foreign
investors bought aggressively which resulted in
oversubscription of 2.04 times. Participation of
domestic investors in PPL was signiicantly higher
than the recently conducted oering of UBL,
which signiies the trust domestic investors have
Demand in e
xcess of PKR 30 billion: Bids in excess
of PKR 30 billion were received, surpassing the
cumulative demand for all the domestic capital
Generated a total demand of over ~PKR 21 billion
Demand fr
om Foreign Investors exceeded ~USD
Oversubscribed b
y 1.4 x i.e. generated a demand
of ~185 million shares against the oer size of ~131
million shares
O
ering price at ~2.5% discount, to the closing
price on that day beating the Asia Region discount
benchmarks for precedent transactions
Over 3
25 domestic and international investors
participanted areas including Peshawar, Multan,
Faisalabad, Rawalpindi in addition to the
conventional three cities of Islamabad, Lahore &
Karachi
Upbeat demand/
allocation from individual
investors i.e. ~40% due to lowering minimum bid
size from PKR 1 million to PKR 500,000.
IFR Asia’s
Issuer of the Year
Islamic Republic of
Pakistan
Many
Asian
issuers
raised funds
with ease in
one capped
a remarkable
turnaround with
oerings in both the
debt and equity capital
Pakistan’s outstanding dollar bonds were also trading at all-
time low yields. The 6.875% June 2017 notes – the country’s
last global issue before the crisis – dipped below 7% in
February for the irst time since they were launched in 2007,
quite a recovery from yields of over 15% in early 2012.
The results were striking. The USD 1 billion ive-year
bond priced to yield 7.25%, and the USD 1 billion 10-year
tranche printed at 8.25%.
The rate on the 10-year bonds was particularly low. Just
Heavy Electrical Complex ("HEC")
Mst. FAKHIRA BATOOL, Technical Assistant, Privatisation Commission, won two international awards of the Best
An employee of the
Privatisation Commission
won two International Awards
Fakhira Batool
Technical Assistant
The privatisation is in full swing and PC is operating its activities with least possible human resource, by virtue of
this, working hours of individuals have increased manifold. To keep the employees’ health intact, PC is promoting
Cricket & Badminton activities are being promoted. However, in the long run other indoor and outdoor, health &
The activities will ensure that physical fitness of the individuals of the Commission be maintained, which will be
Articles
By: Mr. Asad Rasool
Pakistan was one of the irst countries in the region to
initiate deregulation and liberalization of the economy
and start the privatisation process. There have
been some important privatisation successes in the
industrial, telecommunications and inancial sectors,
since the start of this process in the early 1990s. As a
consequence, the telecom sector contributed ~PKR
245 billion to the national exchequer during FY 2013-
14, whereas the 4 large privatized commercial banks,
namely Muslim Commerical Bank ("MCB"), Habib Bank
Limited ("HBL"), United Bank Limited ("UBL") & Allied
Bank Limited ("ABL"), paid ~PKR 36 billion in income
tax alone during 2013. The privatisation program has
been instrumental in mobilizing both foreign direct
investment ("FDI") and local savings. In view of its
strategic importance, privatisation is a core element
of the economic revival program of the present
Government. List of entities included in the program,
duly approved by the Council of Common Interests, is
placed at Appendix-I.
Key components of the overall framework for
privatisation include a transparent process, an enhanced
overall socio-economic environment, investment
equity oerings by the GOP have been acknowledged
internationally, as is evident from the award of ‘Issuer of
the Year’ given to Pakistan by IFR Asia. Furthermore, the
UBL transaction also received the “Best Deal Award” for
Privatisation Flows in FY 20142015
Table 1.
PSEs
National Power Generation Company Ltd ("NPGCL")Due diligence is in progress by the FA*
Faisalabad Electric Supply Company Ltd. ("FESCO")Due diligence is in progress by the FA*
Pakistan International Airlines ("PIA")
Due diligence is in progress by the FA*
Pakistan Steel Mills Corporation ("PSMC")
EOI** for appointment of FA* is in progress
Islamabad Electric Supply Company Limited ("IESCO")Appointment of FA* is in progress
Lahore Electric Supply Company Limited ("LESCO")Appointment of FA* is in progress
PIAIL (Roosevelt and Scribe Hotels)
Plan to invite EOI** in the current quarter
Convention Centre
Plan to invite EOI** in the current quarter
*FA: Financial Advisor
** EOI: Expression of Interest
By: Dr. Kabir Sidhu
Normative Objectives of Islamic and
Conventional Economics
Economic Objectives and Privatisation in Pakistan
By: Anjum Nazir
As brief review in context of banks and inancial
institutions in Pakistan
Introduction
For any country well-functioning inancial sector
is necessary for enhancing the eiciency of
intermediation, which is achieved by mobilizing
domestic savings, channeling them into productive
investment by identifying and funding good business
opportunities, reducing information, transaction, and
monitoring costs and facilitating the diversiication
of risk. This results in eicient allocation of resources,
contributing to a more rapid accumulation of physical
and human capital, and faster technological progress,
which in turn lead to higher economic growth.
Nationalization
Privatisation of Banking Sector
inancial discipline for banking sector, namely bank
Appendices
PRIVATISATION PROGRAM OF THE GOVERNMENT
Sr. NoName of Units
Banking and Finance
National Inve
stment Trust Limited (NITL)
Small and Medium Enterprise (
SME) Bank

Allied Bank Limit
ed (ABL)
First W
omen Bank Ltd (FWBL)
Habib Bank Limit
ed (HBL)
United Bank L
imited (UBL)

National Bank of Pakis
National Insurance Compan
y (NIC)
Pakistan R
einsurance Company (PRC)
State Lif
e Insurance Corporation (SLIC)
House Building Finance Cor
poration (HBFC)
Oil, Gas & Energy
Oil and Gas Dev
elopment Corporation Ltd. (OGDCL)
Pak Arab R
einery Limited (PARL)
Pakistan P
Pakistan Stat
e Oil Company Limited (PSO)
Sui Northern Gas Pipeline
s Limited (SNGPL)
Sui Southern Gas Compan
y Limited (SSGC)
Gover
nment Holding Private Limited (GHPL)
National Pow
er Construction Company (NPCC)
Islamabad Electric Supply Company L
imited (IESCO)
Faisalabad Electric Supply Compan
y Limited (FESCO)
Lahore Electric Supply Compan
y Limited (LESCO)
Gujran
wala Electric Power Company Limited (GEPCO)
25
Multan Electric Po
wer Company Limited (MEPCO)
Pesha
war Electric Supply Company Limited (PESCO)
Hyderabad Elec
tric Supply Company Limited (HESCO)
Sukkur Electric P
ower Company (SEPCO)
KotAddu P
ower Company (KAPCO)
Jamshoro Po
wer Generation Company Ltd – JPCL (GENCO- I)
Central Po
wer Generation Company Ltd – CPGCL (GENCO – II)
Northern P
ower Generation Company Ltd – NPGCL (GENCO – III)
34
LakhraPo
wer Generation Company Ltd – LPGCL (GENCO – IV)
Fertilizers
35
National Fertiliz
ers Corporation and its units and subsidiaries
36
State Engineering Cor
poration and its units and subsidiaries
Pakis
tan Engineering Company (PECO)
Pakis
tan Machine Tool Factory (PMTF)
Sindh Engineering Limit
ed (SEL)
Heavy Elec
trical Complex (HEC)
National Construc
tion Limited (NCL)
42
Pakis
tan Steel Mills Corporation & its units
43
Pakis
tan Steel Fabricating Company Ltd
Minerals and Natural Resources
Pakis
tan Mineral Development Corporation (PMDC)
Lakhra Coal Mine
s (now Lakhra Coal Development Company)
Sandak D
evelopment Corporation (SDC)
Automobiles
Moraf
co Industries (Machinery as in where is basis)
48
Republic Mot
ors Limited (RML)
Infrastructure
Civil A
viation Authority (CAA)
Por
t Qasim Authority (PQA)
Kar
achi Port Trust (KPT)
National Highw
ay Authority (NHA)
Transport
Pakis
tan International Airlines Corporation (PIAC)
Pakis
tan National Shipping Corporation (PNSC)
Pakis
Ser
vices International Hotel, Lahore
PIAIL (R
oosevelt Hotel, NY & Scribe Hotel, Paris)
Telecom
Telephone Indus
tries of Pakistan, Haripur (TIP)
Others
Printing Corpor
ation of Pakistan (PCP)
National Book F
oundation (NBF)
Corporations & other
Pakis
tan Industrial Development Corporation and its units (PIDC)
Utility St
ore Corporation and stores (USC)
Tr
ading Corporation of Pakistan (TCP)
Cotton Expor
t Corporation of Pakistan
Ric
e Export Corporation of Pakistan
Export Pr
ocessing Zone Authority
Pakis
tan Industrial and Technical Training Centre
Conv
ention Centre, Islamabad
Shalimar R
ecording Company
PRIVATISATION PROGRAM FOR EARLY IMPLEMENTATION
APPROVED BY THE CCOP
Sr. NoEntities
GOP Share**Divestment Strategy
Oil & Gas (upstream and mid-stream)
Oil and Gas Development Co. Ltd
(OGDCL)
~ 85%
Northern Power Generation Co.
Ltd - Thermal Power Station –
Muzaargarh
Divestment with Mgmt Control
National Power Construction Co.
(NPCC) *
Divestment with Mgmt Control
Kot Addu Power Company Ltd.
(KAPCO)
~ 46%
Capital Mkts (International & Domestic)
Lahore Electric Supply Company
Limited (LESCO)
Divestment with Mgmt Control
Gujranwala Electric Power
Company Limited (GEPCO)
Divestment with Mgmt Control
Multan Electric Power Company
Limited (MEPCO)
Divestment with Mgmt Control
Peshawar Electric Supply Company
Limited (PESCO)
Divestment with Mgmt Control
Keeping in view the PSEs size and sectoral dynamics,100% GoP interest would be divested
Where applic
able, Shareholding includes BESOS shares as well.
Sr. #Unit Name
Sale Price
Date of
Transfer
Buyer Name
Banking and Finance
Bank
1Allied Bank Limited (51%)
971.6 Feb-91EMG
2Muslim Commercial Bank (75%)
2,420.0
Apr-91National Group
3Bankers Equity Ltd. (51%)
618.7 Jun-96LTV Group
4Habib Credit & Exchange 70 % (52,500,000)
1,633.9 Jul-97
Sh. Nahyan bin Mubarik Al-
Nahyan
5United Bank Ltd. 51% (264,180,000 shares)
12,350.0
Oct-02
Consortium of Bestway &
Abu Dhabi Group
6Bank Alfalah 30% (22,500,000 shares)
620.0
Dec-02Abu Dhabi Group
7Habib Bank Ltd. 51% (351,900,000 shares)
22,409.0
Dec-03
Agha Khan Fund for
Economic Development
Total
41,023.2
23PPL15% IPO (102,875,000 shares)
5,632.6
Jul-04
General Public Thru Stock
Exchange
KAPCO 20% IPO (160,798,500 shares)
4,814.8 Apr-05
General Public Thru Stock
Exchange
UBL 4.2% IPO (21,867,400 shares)
1,087.2 Aug-05
General Public Thru Stock
Exchange
OGDCL 9.1% GDR (390,588,000 shares)
44,893.0 Dec-06
GDR oering to intl.
institutions
OGDCL 0.4% GDR (18,000,000 shares)
2,070.0
Dec-06
GDR oering to domestic
institutions
OGDCL 0.5% SPO (21,505,000 shares)
2,359.6
Apr-07
General Public Thru Stock
Exchange
28UBL 25.0% GDR (202,343,752 shares)
39,449.7 Jun-07
GDR oering to
international & domestic
institutions
29HBL IPO 7.5 % (51,750,000 shares)
12,161.0
Oct-07
General Public Thru Stock
Exchange
30UBL ~20.0% SPO (241,921,931 shares)
37,889.0 Jun-14
Institutional & HNWI Oer
Thru Stock Exchange
31PPL Oering (~70.05 million shares)
15,342.0 Jun-14
Institutional & HNWI Oer
Thru Stock Exchange
ABL Oering (~131.3 million shares)
14,440.0 Dec-14
Institutional & HNWI Oer
Thru Stock Exchange
Total
200,794.2
Total Banking & Finance:
241,817.4
Energy Sector
33Mari Gas (20%)
102.4
Apr-94Mari Gas Company Ltd.
Kot Addu Power Company (26%)
7,105.0 Jun-96National Power
Kot Addu Power Company (10%)
3,046.0 Nov-96National Power
36Kot Addu (Escrow A/c)
900.7
Apr-02
National Power
SSGC LPG business
369.0 Aug-00Caltex Oil Pak.(Pvt) Ltd.
38SNGPL LPG business
142.0
Oct-01
Shell Gas LPG Pakistan
39Badin II (Revised)
503.2 Jun-02
BP Pakistan & Occidental
Pakistan
40Adhi
618.9
May-02
Pakistan Oil Field
41Dhurnal
161.0
May-02
Western Acquisition
Ratana
24.6
May-02
Western Acquisition
Badin I
6,433.0 Jun-02
BP Pakistan & Occidental
Pakistan
44Turkwal
75.6 Jun-02Attock Oil Company
45NRL (51% shares)
16,415.0 May-05
Consortium of Attock
Reinery Ltd.
46KESC (73% GOP shares)
15,859.7 Nov-05Hassan Associates
Total
51,756.1
Telecommunications
PTCL (2%)
3,032.5 Aug-94
General Public Thru Stock
Exchange
PTCL (10%)
27,499.0
Sep-94Through DR form
26% (1.326 billion) B class shares of PTCL
Kurram Chemicals
Feb-92
Upjohn Company USA
77Pak PVC Ltd
63.6 Jun-92Riaz Shai Reysheem
Sind Alkalis Ltd
152.3
Oct-92
79Antibiotics (Pvt) Ltd
24.0
Oct-92
Tesco Pvt) Ltd.
80Swat Elutriation
16.7 Dec-94Sahib Sultan Enterprises
81Nowshera PVC Co. Limited
20.9 Feb-95Al_syed Enterprises
Swat Ceramics (Pvt) Limited
38.6 May-95Empeiral Group
83Ittehad Chemicals
399.5 Jul-95Chemi Group
Pak Hye Oils
53.6 Jul-95Tariq Siddique Associates
85Ravi Engineering Limited
5.4
109
Kakakhel Industries
55.3
May-92
Mehmoob Abu-er-Rub
110United Industries
15.5
May-92
A. Akbar Muggo
Mohammad Zubair, an IBA Karachi alumnus (1981)
remained associated with the IBM throughout his
corporate career. He left the global IT giant in 2007
when he was serving as the CFO of IBM Middle East
and Africa region in Dubai. Zubair then started his own
‘Closing down PSM is not an option,’ Chairman, Privatisation
Commission
Courtesy: Business Recorder April 25, 2014
MZ:
The PC board has approved privatisation of two
DISCOs’, FESCO and LESCO, and one generation
company, Muzaargarh. FESCO will be the irst one to
be privatised. FESCO will be a diicult one because it has
been on the list since 1994 and it can become a political
issue. LESCO and HESCO would follow after FESCO
privatisation under this program. The ads for hiring of
the inancial advisers for these entities’ privatisation
have already been published. FESCO’s privatisation
may take till the end of the year.
Is there any restructuring plans for the Pakistan
Steel Mills?
MZ:
The time for straightaway privatisation for PSM is
gone. Politically, it will be a nightmare, as employees
Chairman Privatisation Commission’s Exclusive Interview by Nasir
Jamal-Dawn Islamabad 8 March 2014.
When Prime Minister Nawaz Sharif oered the job of privatising
public corporations to Mohammad Zubair at a dinner in Bangkok last
November, he warned the former IBM executive against expecting
to come out of the exercise as a hero. “You’ll be my hero, though,” the
prime minister told him.
The Sharif government looks at successful transaction of public
corporations as a ‘game changer’ for the collapsing economy that
will help it cut iscal deicit and shore up dangerously low foreign
exchange reserves. “It’s a challenge; we’ve got to do it if we want to
grow the economy,” Privatisation Commission of Pakistan chairman
Zubair tells Dawn during an interview.
The job of privatising public companies is one of the toughest in the
country. The ambitious but controversial privatisation project, the

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