ISLAMABAD (February 04, 2011) : The Cabinet Committee on Privatisation (CCoP), which met on Thursday with Finance Minister Dr Hafeez Shaikh in the chair approved privatisation of Heavy Electrical Complex (HEC) and National Power Construction Corporation Limited (NPCCL).
The Privatisation Commission (PC) had recommended the sell-off of the HEC on public private partnership basis whereby 26 percent of the shares along with management rights would be transferred to the successful bidder and for the appointment of financial adviser. The Privatisation Commission had also recommended the privatisation of the NPCCL, which was also approved by the CCoP.
The committee has also constituted a sub-committee headed by Federal Minister for Privatisation, Senator Waqar Ahmed Khan with members Minister for Petroleum and Natural Resources, Deputy Chairman Planning Commission, Chairman SECP, Secretary Finance, Secretary Privatisation, and Governor State Bank to finalise the proposal to engage with capital market to submit its report to the committee soon for issuance of equity linked instrument ie convertible/exchangeable bonds of oil and gas sector including Oil and Gas Development Corporation Limited (OGDCL) and other entities in consultation with the line ministries.-PR
This news item was published on 4 February 2011 in Business Recorder
