ISLAMABAD - The Cabinet Committee on Privatisation on Tuesday approved the new Privatisation Policy besides approving privatisation of 21 state-owned enterprises (SOEs) CCOP approved the privatisation of four power companies and other state-owned entities including SME Bank, National Power Construction Company, Pakistan Railways and Pakistan Post. Minister for Privatisation Syed Naveed Qamar briefed the media persons about the decisions taken in the meeting of CCOP. The minister said CCOP had approved the new privatisation policy that had been modelled on the concept of public-private partnership and divestment of 26 per cent shares of the state owned enterprises (SOEs). The said policy also envisaged transfer of 12 per cent shares of all SOEs to the workers of these entities. Earlier, CCOP met under the chairmanship of Advisor to Prime Minister on Finance and Economic Affairs Shaukat Tarin at PM Secretariat. The committee reviewed the status of ongoing privatisation transactions, policy guidelines and programmes, post-privatisation issues and other related matters. Naveed Qamar said that CCOP had also approved privatisation of Heavy Electrical Complex (HEC), Pakistan Machine Tool Factory, PTDC Motels & Restaurants, Utility Stores Corporation, Kot Addu Power Company, Pakistan Mineral Development Corporation (PMDC), Marafco Industries (Machinery as is where is basis), National Insurance Company, Pakistan Reinsurance Company and State Life Insurance Corporation. The CCOP also approved the privatisation of 4 power companies; Pesco, Fesco, Hesco and Qesco. He said CCOP also approved leasing out of thermal power stations of Jamshoro Power Company Limited (Jamshoro and Kotri) instead of strategic sales. The meeting advised Ministry of Water and Power, and Privatisation Commission to insert a proviso in the leasing documents to stipulate time limit for enhancing production capacity of the leased units. It also advised Ministry of Water and Power and Privatisation Commission to associate Ministry of Law and Justice while finalising lease documents. He informed that the cabinet had approved the Council of Common Interest (CCI). The Privatisation Commission informed CCOP that 167 privatisation transactions had been implemented between 1991-2008, approximately realising an amount of $9 billion. Naveed said the government wanted to improve the efficiency of the said institutions by privatising them and it would also improve the economy of the country. He said Pakistan Railways had different aspects and the government would study the entire sector before making decisions about its privatisation. Replying a question he said the privatisation of SOEs had no link with the International Monetary Fund (IMF) conditionalities for the standby loan of $7.6 billion. The CCOP approved Ministry of Privatisation's proposal for agreeing to the request of successful bidders of M/s Falettis Hotel Development Private Limited (formerly 4B Marketing Limited) to develop hotel in accordance with the site plan and complete the project within 36 months subject to laid down conditions. APP adds: CCOP further approved land issues for privatisation consideration concerning Printing Corporation of Pakistan, Services International Hotel, Sindh Engineering Limited and Republic Motors Limited. The CCOP directed Privatization Commission to constitute a committee to look into the micro details concerning management control transfer of the said companies ensuring transparency and good governance. CCOP approved Ministry of Privatisation's proposal for agreeing to the request of successful bidders of M/s Faletti's Hotel Development Private Limited to develop hotel site in accordance with the site plan and complete the project within 36 months subject to laid down conditions.