ISLAMABAD - The Cabinet Committee on Privatisation (CCOP) on Saturday approved divestment of government’s Residual Shareholdings in Kot Adu Power Company Ltd (KAPCO), and the sale of shares of Mari Petroleum Company Ltd through the domestic stock exchange or through the shareholders.

Finance Minister Ishaq Dar chaired the committee’s meeting. At the outset, Privatisation Commission Chairman Muhammad Zubair gave a presentation to the meeting on the privatisation programme, as envisaged by the commission in future.

The CCOP also approved proposals to include the Industrial Development Bank and Telephone Industries of Pakistan in the list of entities to be privatised on a priority basis.

The meeting had a detailed review of the matters pertaining to Pakistan Steel Mills (PSM), and decided that response from the Sindh Government to the federal government’s offer of acquiring PSM may be ascertained by June 10, 2016 so that further course of action could be decided in this regard.

The CCOP observed the government could not afford to just keep paying salaries to the employees without any production taking place, and that a decision had to be taken sooner to avoid the losses that were accumulating by the hour.

The committee had a detailed discussion on the matters relating to PIA. Dar gave instructions for completing, on priority basis, all necessary formalities to convert PIA from a corporation into a public limited company in the light of the bill passed by the parliament.

He said the government had the resolve to revamp and refurbish the national airline so that it could provide quality travelling and cargo services in accordance with the international standards.