ISLAMABAD - Minister of State and chairman of Privatization Commission Mohammad Zubair on Wednesday said that government would complete the privatisation process of four public sector entities (PSEs) before June 30 that would generate Rs 150 billion within ongoing financial year 2013-2014.
He said that government would ensure complete transparency in the process of privatization. “It is totally incorrect that government has decided to sell off its stake in four profitable entities to International Finance Corporation (IFC), a subsidy of the World Bank. The government will follow the normal process by appointing the financial advisor to make the transactions more transparent”, said Mohammad Zubair while talking to The Nation. He was referring to the media reports three banks (HBL, ABL and UBL) and OGDCL would be sold off to International Finance Corporation through the process of sole offering. He rejected the report and said that there is no truth behind it.
Chairman Privatization Commission informed that the government would bring 100 percent transparency in the entire process of disinvestments of the public sector entities. He said that government would generate Rs 150 billion during the ongoing financial year (till June 30).
It is worth mentioning here that board of directors of Privatization Commission in early January 2014 approved to disinvest the shares of eight public sector entities. The eight entities include PIA, OGDCL, Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL), Pakistan Petroleum Limited (PPL), National Power Construction Company (NPCC) and Heavy Electrical Complex.
Mohammad Zubair said that government is working to complete the privatization of four public sector entities before June 30 this year. The government would disinvest the shares of Oil and Gas Development Company Limited (OGDCL) within ongoing fiscal year, which would generate one billion dollars for the national kitty, he maintained. He further informed that government would disinvest the shares of Pakistan Petroleum Limited (PPL), United Bank Limited (UBL) and National Power Construction Company (NPCC) before June 30.
Minister of State said that government would disinvest the shares of Habib Bank Limited (HBL), Allied Bank Limited (ABL) and Heavy Electrical Complex before December 2014. Similarly, the government would disinvest 26 percent shares of Pakistan International Airlines (PIA) to a strategic investor by December 2014. The government would hire financial advisers by end-March 2014 to seek potential strategic private-sector participation in the company.