‘Pri­va­ti­za­tion of FESCO, PSM govt’s top pri­or­ity’

The Pak Banker - - COMPANIES/BOSS - Staff Reporter

Chair­man Pri­va­ti­za­tion Com­mis­sion Muham­mad Zubair on Fri­day said that pri­va­ti­za­tion of Pak­istan In­ter­na­tional Air­lines (PIA), Pak­istan Steel Mills (PSM) and Faisal­abad Elec­tric Sup­ply (FESCO) was on the top agenda of govern­ment's pri­va­ti­za­tion process. "The two State Owned En­ti­ties (SOEs) are in­cur­ring huge losses to the na­tional ex­che­quer, there­fore the govern­ment is de­ter­mined to pri­va­tize the two SOEs", Muham­mad Zubair said while briefing me­dia per­sons here. He said the Pri­va­ti­za­tion Com­mis­sion (PC) has al­ways re­it­er­ated its com­mit­ment to en­sure the high­est stan­dards of in­tegrity and trans­parency in con­duct­ing all its trans­ac­tions.

He said the Pak­istan Mus­lim League (Nawaz), de­spite be­ing in the most crit­i­cal en­vi­ron­ment, man­aged to con­duct the best trans­ac­tions in­clud­ing that of Habib Bank Lim­ited (HBL), United Bank Lim­ited (UBL) and Al­lied Bank Lim­ited (ABL). He said due to the best ef­forts of the PC, it won global awards in recog­ni­tion of its trans­ac­tional work on the di­vest­ment of GoP share­hold­ing in HBL and ABL. He said the awards had been awarded by The As­set, one of Asia's most pres­ti­gious cor­po­rate rank­ing jour­nals. In 2014, PC had al­ready won two in­ter­na­tional awards for its trans­ac­tional work on UBL, he added. Muham­mad Zubair said that th­ese trans­ac­tion were con­ducted at a time when there was not a con­ducive en­vi­ron­ment for mar­ket­ing as the eco­nomic sit­u­a­tion and the law and or­der sit­u­a­tion of the coun­try was not good and there was political in­sta­bil­ity of last year's sit-ins.

"The things how­ever now have been changed, the econ­omy of the coun­try has been strength­ened, the growth rate is over 4 per­cent and the law and or­der sit­u­a­tion has also im­proved con­sid­er­ably", he added. To a ques­tion, Muham­mad Zubair said the trans­ac­tion of PIA would be held in a free, fair and trans­par­ent man­ners and all its as­sets would not be un­der val­ued. He said the PC had the re­spon­si­bil­ity to en­sure that the as­sets were reval­ued ac­cord­ing to the mar­ket. Sec­re­tary Pri­va­ti­za­tion Com­mis­sion, Ahmed Nawaz Sukhera and other of­fi­cials were also present on the oc­ca­sion.

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