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

By APP
Published: January 9, 2014

Chairman Mohammad Zubair Umar chairing the first meeting on Thursday, Jan 8. PHOTO: PID

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.

Reader Comments (5)

  • just_someone
    Jan 9, 2014 - 11:55PM

    “The Board approved the divestment of shares for…”
    Vague statement. is the Govt planning to sell ALL shares or part of its holdings?

    Recommend

  • ARW
    Jan 10, 2014 - 12:41AM

    I wonder why govt is selling its stake in these revenue / profit generating entities! I am sure they will sell their stake in peanuts to their loved one on a philosophy of “Apno ko nawazoon”!!

    Recommend

  • ARW
    Jan 10, 2014 - 12:44AM

    Yesterday they approves selling stake of PIA and two 5 companies. No on even approve selling their personal things so quickly and they are approving selling stakes on millions / billions!

    Recommend

  • Malik Akhlaq
    May 18, 2014 - 3:49PM

    Divestment is Privatization. Selling ogdcl means Pakistan for sale.

    Recommend

  • Shah
    Jun 8, 2014 - 12:09PM

    @Malik Akhlaq:
    OGDCL Is Not Being Sold Only A Few Shares Are

    Recommend

More in Pakistan