CCOP ap­proves early pri­vati­sa­tion of IDB & TIP

Pakistan Observer - - ECONOMY WATCH -

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.

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