The Commission had received 16 expressions of
interest (EoIs) from various local and foreign parties in this regard,
said a press release issued by the Privatization Commission.
The parties, which have been recommended for
pre-qualification on the basis of the information provided by them in
response to the request for statement of qualification (RSoQ) and
completing the required process, include: ABAMCO Limited; Consortium of
Arif Habib Securities Limited and Arif Habib Investment Management
Limited; Charless Schmitt & Associates Limited (CSA), Hong Kong;
Consortium of Pakistan Kuwait Investment Company (Pvt) Ltd. and Al
Meezan Investment Management; Javed Omer Vohra & Company Limited;
Khadim Ali Shah Bukhari & Co Ltd; National Development Leasing
Corporation Limited; Pakistan Industrial Credit & Investment
Corporation Ltd (PICIC); and Sulaiman Ahmad Al Hoqani, UAE.
Sufficient period was given to these parties for
submitting EoIs and were provided with a package, containing RSoQ.
These parties have also completed their due diligence
process. The bidding is being scheduled early next month.
The interested bidders will bid for the whole lot,
which comprises of 12 funds.
The successful parties will manage the fund under
relevant rules prescribed by the Securities and Exchange Commission of
Pakistan. Once this transaction is completed, the management rights of
the remaining Mutual Funds of ICP will also be offered for transfer.
NIT READY FOR PRIVATIZATION
National Investment Trust (NIT) is now well
positioned for privatization and can fetch much better price than before
owing to its restructuring and surging performance.
Turnaround of NIT has not only boosted the confidence
of investors but also protected the interests of the unit holders, said
Chairman, NIT, Tariq Iqbal in an interview on Wednesday.
With 26 per cent hike in various heads of income
including dividends, capital gains and others, the income totalled at
Rs2.31 billion in fiscal 2001-2002 against Rs1.83 billion in last fiscal
year, he added.
TWO NUCLEAR POWER PLANTS TO BE SET UP
Pakistan Atomic Energy Commission (PAEC) is working
on a plan to set up one unit each at its nuclear power plants at Karachi
PAEC Chairman Pervez Butt disclosed this during his
speech at the 7th convocation of KANUPP Institute of Nuclear Power
Engineering (KINPOE) on Thursday. He said that in order to keep up with
the global trend of using nuclear power and to increase the country's
power generating capacity, the PAEC was working on a plan to establish a
second unit at CHASNUPP and another at the KANUPP site, which would be
GAS PRICING ACCORD
The government on Thursday signed a formal agreement
with Pakistan Petroleum Limited (PPL) that would allow the country's
largest gas producer to operate on a market based gas price formula.
This brings PPL pricing system at par with other
local and foreign exploration and production companies and would replace
the existing gas price agreement (GPA).
CABINET AGREES TO WITHDRAW PROPOSAL
The federal cabinet on Wednesday agreed, in
principle, to withdraw the proposed amendment that empowers the
president to nominate the prime minister.
A cabinet meeting, presided over by President Gen
Pervez Musharraf, also agreed to make the State Bank a
"constitutional body" to ensure that there is no freezing of
foreign exchange accounts in future, informed sources told.
Referring to the proposed constitutional amendments,
many cabinet members said the government should avoid introducing those
amendments which were being opposed by various segments of society.
GENERAL ELECTION ON OCT 10
President Pervez Musharraf on Wednesday announced
that the general elections to the National Assembly, the Senate and
provincial assemblies will be held on October 10, 2002.
The official announcement said: "The President
and Chief Executive is pleased to announce that the general elections to
the National Assembly, provincial assemblies and the Senate of Pakistan,
shall be held on October 10, 2002."
Elections to both the upper and lower chambers of
parliament as well as the provincial assemblies will be held the same
Privatization Commission has invited expressions of
interest (EoIs) for the sale of minimum of 90 per cent shares of Thatta
Cement Company Limited 'on as is where is basis'.
NWFP NET HYDEL PROFITS
Non-payment of the net hydel profit share to NWFP on
monthly basis during the out-going financial year by Water and Power
Development Authority (Wapda) has come in defiance to President General
Pervez Musharraf's instructions on the issue, according to official
The Export Promotion Bureau has provided pro and
re-active facilitation to exporters as part of the national drive to
improve the country's exports.
According to the EPB on Monday, the Bureau has
launched an exporters' education programme to guide and educate small
and medium enterprises and emerging and potential exporters.
NBP RAISES DRAFT CHARGES
The state-run National Bank has increased the bank
drafts and mail transfer (MT) charges from July 1, 2002.
Banking sources say according to the new NBP tariff
people transferring money within Pakistan will have to pay 0.20 per cent
charge if the amount of the draft or MT is up to Rs 10,000. And if the
amount is between Rs10,001-Rs50,000 the bank charge will be at the rate
of 0.15 per cent.