ISLAMABAD (APP) - The Privatisation Commission Board here on Friday gave go ahead to initiate the privatisation process of Jamshoro Power Company (JPC), SME Bank and Heavy Electrical Complex (HEC). Addressing the meeting of the board, Federal Minister for Privatisation, Senator Waqar Ahmed Khan stressed the need for seeking approval at a broader forum for all transactions to maintain utmost transparency. He said that for assessing the real value of the entities on the privatisation programme, a third party valuation should be carried out and all phases of the process should be conducted in an open, fair and transparent manner to the satisfaction of all stakeholders. The meeting was informed that WB has shown interest to fund and rehabilitate the technical potential of JPC before taking it to the market as it was done in the KAPCO transaction. The PC Board desired to have a presentation from Finance Division regarding the utilization for privatisation proceeds and also reviewed the status of the National Power Construction Company (NPCC) and decided for the revaluation of the entity. The meeting was further informed that most recently 99 more properties in Punjab have been transferred to PTCL while Etisalat was also being approached to de-list the private properties and those under litigation as to close the transaction by getting the over due remaining proceeds of $799m and settle the issue in an amicable manner. The board reviewed the status and progress of various other ongoing and upcoming transactions. The meeting also reviewed the progress made for the implementation of Benazir Employees Stock Option Scheme (BESOS) and decided to speed up the BESOS distribution certificates in the remaining entities and establish BESOS Trust in the remaining entities. So far, under BESOS more than 40,000 workers of eight entities have received 12 per cent shares until certificates as this scheme is effective from August 14, 2009. Secretary PC, Shahab Khyawaja, PC Board members, senior officials of the respective ministries and departments were also present on the occasion.