Prime Minister Muhammad Nawaz Sharif has said that government was pursuing a very transparent policy of privatisation aimed at converting organisations into profit-making entities and reducing burden on government exchequer.

Prime Minister also appreciated the efforts of Finance Minister Senator Ishaq Dar for selling out of 19.8 per cent of government’s shares of United Bank of Pakistan.  Prime Minister was apprised by Finance Minister that there was unprecedented interest from both the domestic as well as foreign buyers and the UBL deal was oversubscribed by almost two times.

The total demand received from the domestic investors was Rs 12.3 billion, which is one of the highest in terms of domestic demand in Pakistan’s capital market history.–Staff Reporter

Ishaq Dar further apprised the Prime Minister that the transaction will raise equivalent of $387 million out of which 310 million will be foreign exchange component while the remaining amount is the rupee component. About 90per cent of the proceeds will be used for debt retirement and 10 per cent for poverty reduction.

Elaborating other issues taken up in Thursday’s Cabinet Committee on privatisation meeting, Finance Minister apprised that 31 PSEs were approved for fast-track privatisation by the previous government. The present government is following the same list. UBL, PPL, OGDCL are the first to be privatised. The UBL deal is the first success story, which will be followed by PPL and OGDCL soon.