ISLAMABAD: A meeting of the Board of the Privatisation Commission approved to initiate the process for the listing of Kot Adu Power Company (KAPCO) shares in the international capital market through Global Depository Receipt (GDR). Mr. Shahzada Alam Monnoo Federal Minister for Privatisation & Investment chaired the PC Board meeting here on Tuesday.
In his opening remarks Mr. Shahzada Alam Monnoo Federal Minister for Privatisation & Investment said that the private is the engine of economic growth and it always played a leading role in the economic development of the country. It also brought substantial increases in investment, employment opportunities and income levels, and consequent reduction in poverty. We have to privatise the public sector entities to increase quality and production in a competitive manner, he said.
The PC board allowed the Privatisation Commission to initiate the process for the listing of Kot Adu Power Company (KAPCO) shares in the international capital market through Global Depository Receipt (GDR) by inviting proposals from the Financial Advisors for their appointment for the transaction and to determine the quantum of shares to be divested.
The PC Board approved the recommendations of the pre-qualification committee for the pre-qualification of 32 parties for 26 Motels and Restaurants of Pakistan Tourism Development Corporation (PTDC) for conducting the due diligence, which will be followed by the pre-bid meeting for better understanding of the transaction and the process.
The board also constituted a Transaction Committee to formulate its recommendations on the basis of Statement of Qualification (SOQ) received from nine (9) parties for their pre-qualification for acquiring of minimum of 90% shares of Hazara Phosphate Fertilizers (Private) Limited (HPFL) together with management control on ’as is, where is’ basis.
The PC board was informed that a number of requests were being received from potential parties for taking part in the privatisation process of Jamshoro Power Company (JPC), a power-generating unit of Wapda, for which five (5) SOQs have already been received. The meeting decided to maximize the competition and the proceeds, by inviting fresh Expressions of Interest EOIs.
The Board discussed the privatisation process of National Power Construction Company (NPCC) and decided that pre-qualification committee would further review and submit its recommendations in the next Board meeting with regard to three (3) parties from whom further documents were required.
The Financial Advisor for the SME Bank Transaction (BMA Capital) conducted a presentation on SME Bank’s privatisation methodology and the way forward.
The PC board members Mr. Iftikhar-ul-Haq, Lahore, Mr. Mahmood Nawaz Shah, Hyderabad, Mr. Kamal-ud-Din Ahmed, Quetta, Mr. Shakiel Z. Lari, Karachi, Mr. Pervaiz Kausar, Karachi, Mr. Mushtaq Malik Secretary Board of Investment (BOI) and Mr. Ahmed Jawad, Secretary Privatisation Commission along with the senior representatives of the respective ministries and departments were present during the meeting.
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