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PC to complete GDRs of NBP, PPL by year-end

By Sajid Chaudhry

ISLAMABAD: The Privatisation Commission (PC) intends to complete global depository receipts (GDRs) of National Bank of Pakistan (NBP) and Pakistan Petroleum Limited (PPL) by end of the current calendar year, informed Ahmed Jawad, Federal Secretary, PC on Tuesday.

PC expects that some $800 million to $1 billion would be generated through GDRs of both NBP and PPL that would help meet the privatisation targets in the current fiscal year, he added. GDR of the NBP is expected to be completed during the month of November 2007 as the relevant preparations are being completed.

Responding to a question relating to the privatisation of Pakistan State Oil (PSO), the secretary said it has been put on hold due to some reasons and this transaction would be moved ahead in near future. PSO’s privatisation would be carried out as per parameters set by the Supreme Court of Pakistan in its decision on Pakistan Steel Mills Corporation (PSMC). He informed that PPL has been included in the privatisation programme for the current fiscal year that would materialise after PSO’s privatisation.

He said at present transaction of the privatisation of Pakistan Tourism Development Corporation (PTDC) hotels and motels, similarly, Jamshoro Power Company (JPC) is also at an advance stage. He said once the legal, tariff and other minor issues are completed the privatisation of the power sector, which include Jamshoro Power Company (JPC), Faisalabad Electric Supply Company (FESCO) and Peshawar Electric Supply Company (PESCO) would move ahead. This sector has the potential to grow and serve the country after privatisation, he added.

Replying to the question on privatisation of the Roosevelt Hotel owned by Pakistan International Airlines, he informed that its valuation is being completed and preliminary valuation report is still awaited. Once this valuation report is made available to the commission the government would take further decision relating to its privatisation.

We have received two instalments of $133 million each, which were due against the privatisation of Pakistan Telecommunication Company limited (PTCL). Third instalment is expected to be made within a one-month time, as the payment is on schedule and there is no dispute between the buyer and the government of Pakistan, he added.

Explaining the privatisation of PSMC, he informed that Initial Public Offering (IPO) of the PSMC would be offered and meanwhile valuation of the core land of the PSMC is also being carried out.

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