Privatisation Commission approves share sale for OGDCL, PPL and three banks

Board approves privatised sale of shares for Habib Bank, United Bank, Allied Bank, OGDCL and Pakistan Petroleum Ltd.

ISLAMABAD: Hot on the heels of approving privatisation of Pakistan International Airlines, the Board of Privatisation Commission approved the divestment of shares of three banks along with two other companies on Thursday.

Chairman Privatisation Commission Mohammad Zubair chaired the meeting of the board that allowed the Commission to initiate hiring of Financial Advisors for the privatisation of the entities.

The Board approved the divestment of shares for:

- Habib Bank Limited
- United Bank Limited
- Allied Bank Limited
- Oil and Gas Development Companies Limited
- Pakistan Petroleum Limited

On Wednesday, the Board cleared away the last hurdle facing the privatisation of Pakistan International Airlines by approving the sale of 26% of its shares to a private stakeholder.

Mohammad Zubair informed the Board that the government will ensure transparency in the exercise, and that all stakeholders will be taken into confidence.

He assured that employee rights will be safeguard in the auction.

Board Members including Arsala Khan Hoti, Nasiruddin Ahmad, Zafar Iqbal Sobani and Secretary Privatization Commission attended the meeting.