CCOP approves early privatisation of IDB & TIP
MIAN ARSHAD ISLAMABAD—The Cabinet Committee on Privatization (CCOP), Saturday, approved proposals to include the Industrial Development Bank and Telephone Industries of Pakistan in the priority list of entities for early privatization. COOP also approved sale of shares of Mari Petroleum Company Ltd through the domestic stock exchange or offering them to the shareholders.
CCOP met here with Finance Minister Ishaq Dar in the chair and approved for divestment of Government’s Residual Shareholdings in Kot Adu Power Company Ltd (KAPCO) at the outset, Chairman Privatization Division, Mohammad Zubair, gave a presentation to the meeting about the privatization program as envisaged by the division in future.
The meeting had a detailed review of matters pertain- ing to Pakistan Steel Mills (PSM) and decided that response from the Sindh Government on Federal Government’s offer to acquire PSM may be ascertained by June 10, 2016 so that further action in the matter could be taken. The CCOP observed that the Government could not afford to just keep paying salaries to the employees without any production taking place, and that a decision has to be taken soon enough to avoid the losses that were accumulating by the hour.
The CCOP had detailed discussion on the matters relating to PIA. The chair gave instructions for completing, on priority, 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 has the resolve to revamp and refurbish the national airline so that it could provide quality travel and cargo services in accordance with international standards.