Mar 18 - 24, 2002
Plan to sell 15 concerns by June 2003
The government has firmed up a schedule to complete
15 major sale transactions in banking, petroleum, telecommunications
and power sector before June 2003, with estimated proceeds of around
Official sources told that privatization process
would be kicked off afresh with the bidding of federal government's
working interests in nine oil and gas fields in the second week of
The schedule has been cleared by President Gen
Pervez Musharraf. The plan has also been discussed with the World
Bank, International Monetary Fund and a delegation of US State and
Treasury department officials along with OPIC representatives who were
given comprehensive briefing on this schedule, sources in the finance
"There is a lot of international goodwill for
Pakistan at present viz-a-viz investment environment and the
government wanted to cash in on that," said a senior government
The blue-chip Pakistan Telecommunication Company
Limited (PTCL) is also in the list. The strategic sale of 15 to 26 per
cent shares of PTCL is targeted to be completed before June 2002. Soft
marketing of the transaction has already been completed and a few
aggressive road shows have also taken place for this strategic unit.
Another market leader and oil giant Pakistan State
Oil is also on the privatization agenda along with country's largest
petroleum producer Oil and Gas Development Company Limited (OGDCL).
Fifty-one per cent shares of the two (PSO and OGDCL)
are planned to be sold during the third quarter i.e. before September
2002. PSO has 85 per cent market share in fuel oil, 60 per cent in
diesel, 40 per cent in motor spirit, 60 per cent in aviation and 40
per cent in lubricants with largest network and storage capacity
besides around 4,000 outlets.
USAID reopening missions: official
US Agency for International Development (USAID)
announced on Thursday that it was re-opening its missions in Pakistan
and Afghanistan in the new fiscal year with a focus on basic
education, health, agriculture, rural development and good governance.
FO endorses UN Security Council's resolution
Pakistan on Thursday welcomed the UN Security
Council Resolution 1897, passed early this week, which affirmed vision
of "a Palestine living state side by side with Israel within the
secure and recognized borders."
Musharraf seeks Japanese investment
President Gen Pervez Musharraf on Wednesday urged
the Japanese entrepreneurs to take advantage of the conducive
atmosphere available in Pakistan for investment.
During his meeting with chief executives of 20
leading companies of Japan, the President said that he was delighted
to be in Japan and interacting with the chief executive officers of
the great companies of Japan who are known for their hard work and
"Japan is associated with efficiency and
quality and we would like to benefit from your experience and
expertise," he said. He invited Japanese businessmen to come
forward and take advantage of Pakistan's enormous human resource and
valuable raw material to develop the country as a hub for industry in
the area from where they could re-export the products to west and
EoIs invited for 51pc stake in PSO
The Privatization Commission has invited
Expressions of Interest (EoIs) from qualified strategic investors for
51 per cent equity stake in Pakistan State Oil (PSO), together with
The interested parties have been asked to submit
their EOIs with details of their company/ group, background
information, experience in petroleum sector and management of Oil
Marketing companies, along with audited financial statements for the
preceding three years by April 10. EoIs must be accompanied with a
non-refundable processing fee of $5,000 or Rs300,000. Request of
Statement of Qualification (RSoQ) packages will be dispatched from
April 10, to the interested parties. Early submission of EOIs will
allow the parties maximum time for completion of their SoQ
requirements. The date for submission of SoQs will be indicated
Ranjha to be new law minister
The president has changed the portfolio of federal
law minister Shahida Jameel, and decided to induct Dr Khalid Ranjha,
as federal law minister, it is learnt from official sources.
Shahida Jameel was appointed as law minister a year
ago in place of Aziz A. Munshi who was then holding dual charge of law
minister and attorney general.
Investors to get incentives: President
President Gen Pervez Musharraf has said the
government is offering various incentives for making investment in the
tourism and hotel industry. Inaugurating Islamabad Serena Hotel on
Monday, he said the tourism needed to be fully developed to attract
local and foreign investment in Pakistan.
Characterizing the importance of the hotel, the
president said it was not a matter of creating facilities for
accommodation, catering and leisure alone, but that project added to
the existing infrastructure that strengthened the economy, also in
terms of employment and income generation.
HBL, UBL sell-off before polls
President Gen Pervez Musharraf said on Saturday
that the privatization of United Bank and Habib Bank will be completed
before elections in October.
He said this during a meeting with heads of a dozen
local and foreign banks at the State Bank head office. Sources privy
to the meeting said the president told bankers that the government was
making efforts to expedite the process of privatization, adding that
the two state-run banks would be privatized before October.