Friday, March 29, 2024
05:35 PM (GMT +5)

Go Back   CSS Forums > CSS Compulsory Subjects > Pakistan Affairs

Reply Share Thread: Submit Thread to Facebook Facebook     Submit Thread to Twitter Twitter     Submit Thread to Google+ Google+    
 
LinkBack Thread Tools Search this Thread
  #1  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default Pakistan: Privatization News

Pakistan: Privatization News

This thread is to post news items regarding the Pakistani Government's privatization efforts.
__________________
Aalam-e-soz o saz main, wasl se barh ker hai firaaq
Hijr me lazt-e-talb, wasl main marg-e-arzoo...!!!
Reply With Quote
  #2  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Ministers vow to privatize PS on fast track

By Our Reporter

ISLAMABAD, Dec 23: Federal Minister for Privatization and Investment, Dr Abdul Hafeez Shaikh and Federal Minister for Industries, Production and Special Initiatives, Jahangir Khan Tareen reaffirmed, in an inter-ministerial Steering Committee meeting on Friday, their commitment to privatize Pakistan Steel Mills Corporation (PSMC) on a fast track basis as per directives of Prime Minister Shaukat Aziz.

Both the ministers directed all the concerned officials for an early resolution of critical issues pertaining to the sale of PSMC as all issues have to be settled ahead of privatization to complete the transaction in a transparent and smooth manner.

According to a statement issued here, the concerned officials assured both the ministers that all the major issues would be resolved during the given target period.

Presently, six potential bidders are taking part in the process of due diligence. These are: Al-Tuwairi Group, Saudi Arabia; Azovstal Steel, Ukraine; Government of Ras Al Khaimah; International Industries Limited Pakistan with Donbass, Ukraine; and Magnitogorsk Iron and Steel Works, Russia.

Nineteen parties had submitted Expression of Interest (EOI) in response to the invitation to the pre-qualified strategic investors interested for acquiring 51.75pc equity stake in PSMC together with management control, while 12 submitted SOQs.

PSMC is the country‘s largest and only integrated steel manufacturing plant, with an annual designed production capacity of 1.1 million tons. It was incorporated as a private limited company in 1968 and commenced full-scale commercial operations in 1984. The PSMC complex includes coke oven batteries, a sintering plant, blast furnaces, steel converters, bloom and slab casters, billet mill, hot and cold rolling Mills, galvanizing unit and 165-mw of own power generation unit, supported by various other ancillary units. It is located 30 km south east of the coastal city of Karachi, in close proximity to Port Bin Qasim, with access to a dedicated jetty, which facilitates import of raw materials.

The PSMC manufactures a wide mix of products, which include both flat and long products. It effectively enjoys a captive domestic market due to the prevalent demand-supply imbalance in the industry, where demand has historically exceeded local supply. At the back of sustained improvement in Pakistan’s macro-economic environment, the demand for steel is expected to grow further. The PSMC is uniquely positioned to take advantage of the growth as adequate infrastructure is already in place to cater to the expanded capacity.

The PSMC also strives to maintain high quality of products and environmental standards and in this regard has received ISO 9001, ISO 1400-1 and SA 8000 certifications, along with the Environmental Excellence Award 2005. The meeting on the privatization of PSMC was also attended by Secretary Privatization Commission, Tahsin Khan Iqbal, the PSMC Chairman and representatives of ministry of industries, production and special initiatives, ministry of finance, ministry of law and human rights, CBR, SECP, Sindh government, and Citigroup, the financial adviser for privatization of PSMC.

http://www.dawn.com/2005/12/24/ebr8.htm
__________________
Reply With Quote
  #3  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

PC invites EoIs for OGDC shares: Disinvestment via GDR

By Our Reporter

ISLAMABAD, Dec 23: The Privatization Commission (PC) has invited Expressions of Interest (EoIs) from Financial Advisory Consortia (FAC) for appointment of a financial consortium for the divestment of 10 per cent to 15 per cent equity (430,093,000 to 645,139,000 shares) of Oil and Gas Development Company Ltd. (OGDCL), the country’s largest oil and gas exploration and production entity listed in the domestic market.

The EoIs have been invited by means of a simultaneous international offering through Global Depositary Receipts(GDR) and a domestic public offering (Transaction).

According to a press release, it is expected that the GDR issuance will be jointly led at least by two book-runners who have demonstrable and proven capability for undertaking, managing and successfully executing such offerings.

In addition, the institution should have the capability and the track record to manage a domestic offering. The EoI should comprise on 25 pages, including the information regarding the consortium’s basic technical qualifications, comprising of oil and gas equity raising experience of emerging markets, privatization, listing in the stock exchanges of London and Luxembourg, and equities research and distribution capabilities.

The interested financial advisory consortia have been asked to submit the EoIs latest by January 31, 2006 together with a non-refundable processing fee of US $5,000 or Pak rupees300,000.

Parties submitting EoIs will be provided a request proposal package, which will, inter-alia, specify the last date for submission of technical and financial proposals. The PC reserves the right to select the consortium among the proposals received, or to determine its own consortium.

http://www.dawn.com/2005/12/24/ebr1.htm
__________________
Reply With Quote
  #4  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

PSM privatization process to start in March: minister

By Our Staff Reporter

ISLAMABAD, Dec 27: Federal Minister for Industries and Production Jehangir Khan Tareen said on Tuesday the government was not in a hurry to privatize the Pakistan Steel Mills (PSM) and the process of its privatization was likely to start in March-April next year.

Replying to queries forwarded by members during the Question Hour, the minister told the Senate that the PSM had become a profit earning organization due to government’s efforts and it was high time that it was privatized.

The minister said the PSM had earned a profit of Rs4.8 billion in 2003-04 and Rs6 billion in 2004-05.

Mr Tareen said that members of the Senate’s Standing Committee on Industries and Production could visit the PSM to observe its functioning. He said the committee had already endorsed the privatization of the PSM.

Prof Ghafoor Ahmed of the Muttahida Majlis-i-Amal (MMA) said the opposition members in the committee had not endorsed the government’s decision to privatize the PSM.

Responding to questions of Muttahida Qaumi Movement (MQM) Senator Mohammad Al Brohi, the minister said that the total sale of the PSM in the year 2004-05 was Rs30.8 billion while it was Rs24.9 billion in the year 2003-04. He further said that total production of raw steel for the year 2004-05 was 979,010 tons while it was 1,029,567 tons in 2003-04.

Replying to another question of Senator Brohi, the industries minister said the PSM had purchased raw material such as iron ore and coal from various companies of Australia, India, Iran and Canada in the last two years.

Meanwhile, according to a Senate Secretariat handout, the Senate’s Standing Committee on Industries and Production in a meeting on Tuesday supported the privatization of the PSM.

Mr Tareen assured the committee members that the privatized PSM would be an efficient unit and would continue to meet country’s demand for steel products in future also.

The standing committee, with Senator Mohammad Akram in chair, was informed that the PSM was the first integrated iron and steel works of Pakistan which was set up with techno-economic collaboration of the former USSR and incorporated as a private limited company in the public sector.

The committee was told that the performance of the PSM had followed a chequered pattern since its commissioning and that there were many ups and downs, at time there were apprehension that the mill would close down. However, the government initiated restructuring exercise with a view to salvage the sinking ship of Pakistan Steel and the results were highly satisfactory.

As a result of financial restructuring the PSM was able to pay off the principal amount of Rs11.35 billion out of the accumulated long-term liabilities of commercial banks amounting to Rs19.117 billion in the year 2002-03, nine years ahead of the due date.

The committee was further informed that the PSM had a regular manpower of 20,533 in May 2000 when the voluntary retirement facility was introduced under manpower restructuring plan. The committee was informed that regular manpower presently stood at 12,987.

The members of the committee were generally in support of privatizing the industrial units and remarked that privatization of industrial units paved the way for the country’s progress. They were of the view that since the international steel market was bullish, it was the most opportune time to privatize the PSM.

Some of the committee members, however, expressed the view that since the PSM was a strategic unit, they should not go for its privatization in haste and that interest of the country and labourers should be kept in mind while privatizing it.

The meeting was attended by Senators Syed Dilawar Abbas, Wali Mohammad Badini, Anisa Zeb Tahirkheli, Mohammad Amin Dadabhoy, Ahmad Ali, Saadia Abbasi, Ilyas Bilour, Dr Akbar Khawaja and Prof Ghafoor Ahmed.

http://www.dawn.com/2005/12/28/nat3.htm
__________________
Reply With Quote
  #5  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Govt bags Rs58.9bn from sale of 7 entities

By Our Staff Reporter

KARACHI, Dec 27: The government raised Rs58.9bn through strategic sales of seven companies during the calendar year 2005. This figure does not include the sale of Pakistan Telecommunication Corporation (PTCL), the modalities of which are still mired in mystery.

The outgoing calendar year saw Pakistan achieve unprecedented success on the privatization front, especially in the energy sector.

Head of Research at InvestCap, Khalid Iqbal Siddiqui, said that 2005 was a bit different from previous years as the government was able to take giant strides on the strategic sale front. Perhaps for the first time, the sale moved beyond the favourite banking and finance sector.

Sale of management rights along with 26 per cent shareholding in PTCL has not been included due to the fact that the transaction has not been completed as yet, says the InvestCap analyst. If PTCL’s sale was included in that list, the total funds raised (or pledged, one can say) would reach Rs213.9bn for 2005 and the sale of management and strategic stakes would rise to 8 companies.

The analyst has included Javedan Cement in this list, as the CCoP has approved the transaction, but the approval is subject to the decision of the court. Javedan’s sale proceeds make up around Rs4.3bn of the total amount mentioned above.

Of the seven companies privatized through strategic sale, two belonged to the energy sector, two to the cement sector, and one each to the fertilizer (Pak Arab), textile (Bolan Textile), and telecom (CTI) sectors. Of all the privatisation deals that concluded successfully during 2005, two stand out as significant — those of the National Refinery Limited (NRL) and the KESC.

http://www.dawn.com/2005/12/28/ebr10.htm
__________________
Reply With Quote
  #6  
Old Friday, January 13, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Employees to bid for PS: PC delays bidding

By Ihtasham ul Haque

ISLAMABAD, Dec 30: The Privatization Commission (PC) has allowed the Employees Management Group (EMG) of Pakistan Steel Mills Corporation (PSMC) to take part in its privatization process for which the scheduled bidding on January 16, 2006 has been delayed for two weeks.

Official sources told Dawn that the PC has sent a fax message to the management of the PSMC on Friday, according to which now there would be a pre-qualification meeting on January 16, 2006 instead of the bidding in order to judge the worth of the EMG.

However, they said that bidding of Pakistan Steel will certainly take pace before January 31, 2006 as the process cannot be further delayed after the short-listing of six prominent companies interested to take over the PSMC.

The sub-committee of the PC, headed by Mr Iftikharul Haq and having Ch. Hafeez and Zahid Aziz as its members, has sympathetically considered the desire of the EMG to take part in the privatization, although date for pre-qualification had been expired.

Nevertheless, the sources said that the PC has asked the EMG to fulfil the pre-qualification criteria by showing a financial worth of $200 million. Also, the EMG will have to give in writing that 60 per cent of the employees have authorized it to bid for the PSMC on their behalf and could use their funds for the purpose of buying it.

The group will have to deposit $30 million to fulfil the eligibility criteria, the sources said, adding that the employees were earlier promised to acquire 10 per cent shares in the mills.

The sources also said that the PC has asked the management of the PSMC that the ongoing negotiations with EMG must bring to their logical conclusion as the government has decided to go ahead with the privatization of the mills at all cost.

The PC expressed hopes that the EMG would fully cooperate to help complete the transaction amicably and according to the timeframe set for it.

Earlier, the PC was told in writing that the employees unions were ready to take over the management control by getting 26 per cent strategic shares. The EMG assured that it could initially manage Rs10-12 billion through their gratuity funds but should be given five years’ period to make the full payment.

The sources said that all the unions of the PSMC have reposed full confidence in the chairmanship of Lt. Gen. (Retd) Abdul Qayyum to take part in the privatization. But the general believed that a package was needed to be finalized to be given to the PC to proceed further over the issue.

Responding to a question, a source said that worker unions cannot be denied the first right of refusal as per the rules and regulations, governing the state sector enterprises.

Previously, all the six pre-qualified bidders of PSMC had given an undertaking to the government to increase the organization’s annual capacity from 1.1 million tons to 3.0m tons and beyond after its privatization.

The new strategic buyer of the mills will expand the facilities 2 to 3 times as the present steel consumption stands around 5 million tons per annum. The buyer will also introduce new technologies that will improve competitiveness of the country’s premier steel mills.

The PC believed that PSMC is a small mill with sub-optimal capacity which requires minimum of Rs12 billion investment to ensure that it is able to operate to its designed capacity of 1.1 million tons annually.

Further, any expansion to 3.0 million tons per annum will require significant investment of about $1.2 billion, which PSMC cannot undertake on its own without additional equity/support from the government.

The PC’s appointed sub-committee, which had earlier held its meeting in Karachi on December 27, will again meet all the stockholders on January 4, 2006 with a view to convince them not to oppose the privatization of the mills.

The Privatization Commission has approved sale of 75 per cent of GoP’s shareholding in the PSMC to a pre-qualified investor. The PC pre-qualified nine investors who met the financial, technical and managerial criteria specified for the PSMC privatization process.

Recognizing that the PSMC has substantial land holdings and other assets that are not required for its core operations (i.e. steel making) and given the need to maximize value from sale of state-owned assets, the government has decided to un-bundle all such land/assets from PSMC that are considered non-core. Therefore, all non-core land/assets will revert to GoP as part of the privatization process. Therefore, PSMC will only own such land and assets that it requires for steel making.

Similarly, a decision has been taken to ensure that Hadded Welfare Trust (HWT) continues with its welfare and social activities in the future and it is hoped that HWT’s scope will be further broadened and its position further strengthened. In this regard, the GoP will nominate a new board of trustees to oversee HWT’s activities after PSMC’s privatization.

While Pakistan Steel has been suffering losses since its start in 1985, it came into profit as a result of financial and manpower restructuring first time in 2000-2001.
http://www.dawn.com/2005/12/31/ebr3.htm
__________________
Reply With Quote
  #7  
Old Wednesday, January 18, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Parties asked to deposit $30m bid money: Pakistan Steel privatization by 31st

By Ihtasham ul Haque

ISLAMABAD, Jan 16: A pre-bid conference for the privatization of Pakistan Steel Mills Corporation (PSMC) was held here on Monday. The five pre-qualified bidders, who attended the conference, were informed that they would have to deposit $30 million four days before the bidding to become eligible to participate in the process.
However, the Employment Management Group (EMG) of Pakistan Steel was not invited in the pre-bid conference. “The EMG has failed to fulfil the required criteria to participate in the bidding process,” an official said.

However, according to the minutes of a meeting held on January 5 between the EMG and officials of the Privatization Commission as well as management of the mills, and made available to Dawn, the representatives of the EMG were assured that they would be given a written response for helping them take part in the privatization process.

During the Monday’s meeting, the bidders were assured that the whole process of the mills’ privatization would be completed by January 31, 2006 and that there would be no delay in it.

The bidding process would comprise of two rounds. In the first round, sealed bids will be dropped in the transparent bid box, which will be opened and read over by the representatives of print and electronic media, while in the second open bid round, the three highest bidders will be asked to compete.

The successful bidder will be required to deposit 25 per cent of the bid price within 20 days after the issuance of letter of acceptance (LoA). For the remaining amount 60 days will be given from the date of issuance of LoA.

The bidders were also assured that the core land would be transferred to the successful bidder and that the GoP would fund any privatization package offer to the employees. It was also clarified that 75 per cent shares offer of Pakistan Steel were entirely a strategic stake.

M. Tahsin Khan Iqbal, Secretary of the Privatization Commission, said on this occasion that all the potential bidders would be given an equal and level-playing field. However, if any bidder intends to make full upfront payment it will be acceptable to the government.

Mr Iqbal asked the financial advisers to prepare the bid documents and Pakistan Steel management to amend the article of association in the light of discussions and observations conveyed by the bidders after completing the due diligence of the transaction, which should be made available to all concerned by the next week.

The Privatization Commission has offered to qualified strategic investors interested for acquiring 75 per cent equity stake in Pakistan Steel Mills Corporation (Pvt) Ltd, or the company, together with management control on an “as is, where is” basis. A consortium led by Citigroup Global Markets Limited is advising the Privatization Commission on the sale.

Dr Abdul Hafeez Shaikh, Minister for Privatization and Investment, said on the occasion that all stakeholders were working together for satisfactory closure of Pakistan Steel transaction by January 31, 2006, which was very important transaction for the government.

The pre-qualified parties have completed the due diligence of the transaction through plant visits, physical and virtual data room. They have also conveyed their comments on bidding documents.

The five pre-qualified parties, which participated in the pre-bid conference, included: Al-Tuwairqi Group of Companies, Saudi Arabia, with Arif Habib Group of Companies, Pakistan; Government of Ras Al Khaimah (UAE); International Industries Ltd (Pakistan) and Industrial Union of Donbass (Ukraine); Magnitogorsk Iron & Steel Works Open JSC, Russia; and Noor Financial Investment Company, Kuwait.

Pakistan Steel is the country’s largest and only integrated steel manufacturing plant, with an annual designed production capacity of 1.1 million tons. It was incorporated as a private limited company in 1968 and commenced full-scale commercial operations in 1984. The PSMC complex includes coke oven batteries, a sintering plant, blast furnaces, steel converters, bloom and slab casters, billet mill, hot and cold rolling mills, galvanizing unit and 165mw of own power generation units, supported by various other ancillary units.

PSMC manufactures a wide mix of products, which includes both flat and long products.

http://www.dawn.com/2006/01/17/ebr2.htm
__________________
Aalam-e-soz o saz main, wasl se barh ker hai firaaq
Hijr me lazt-e-talb, wasl main marg-e-arzoo...!!!
Reply With Quote
  #8  
Old Saturday, January 28, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Five Foreign Investors Pre-Qualified For Pakistan Steel Sale-Off

ISLAMABAD, Jan 18 Asia Pulse - A pre-bid conference for the privatization of Pakistan Steel Mills Corporation (PSMC) was held here on January 16. The five pre-qualified bidders, who attended the conference, were informed that they would have to deposit US$30 million four days before the bidding to become eligible to participate in the process.

During the Monday's meeting, the bidders were assured that the whole process of the mills' privatization would be completed by January 31, 2006 and that there would be no delay in it.

The bidding process would comprise of two rounds. In the first round, sealed bids will be dropped in the transparent bid box, which will be opened and read over by the representatives of print and electronic media, while in the second open bid round, the three highest bidders will be asked to compete.

The successful bidder will be required to deposit 25 per cent of the bid price within 20 days after the issuance of letter of acceptance (LoA). For the remaining amount 60 days will be given from the date of issuance of LoA.

The Privatization Commission has offered to qualified strategic investors interested for acquiring 75 per cent equity stake in Pakistan Steel Mills Corporation (Pvt) Ltd, or the company, together with management control on an "as is, where is" basis. A consortium led by Citigroup Global Markets Limited is advising the Privatization Commission on the sale.

Dr Abdul Hafeez Shaikh, Minister for Privatization and Investment, said on the occasion that all stakeholders were working together for satisfactory closure of Pakistan Steel transaction by January 31, 2006, which was very important transaction for the government.

The five pre-qualified parties, which participated in the pre-bid conference, included:

• Al-Tuwairqi Group of Companies (Saudi Arabia)
• Arif Habib Group of Companies (Pakistan)
• Government of Ras Al Khaimah (UAE)
• International Industries Ltd (Pakistan)
• Industrial Union of Donbass (Ukraine)
• Magnitogorsk Iron & Steel Works Open JSC (Russia)
• Noor Financial Investment Company (Kuwait)

http://au.news.yahoo.com/060118/3/xmw4.html
__________________
Aalam-e-soz o saz main, wasl se barh ker hai firaaq
Hijr me lazt-e-talb, wasl main marg-e-arzoo...!!!
Reply With Quote
  #9  
Old Saturday, January 28, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

PSO pre-bid meeting in two weeks

By Dilawar Hussain

KARACHI, Jan 25: The pre-bid meeting for privatization of Pakistan State Oil (PSO) is likely to be held in the next two weeks as the government is anxious to sell-off the oil-marketing giant by early March, a source at the Privatization Commission (PC) told Dawn on Wednesday.

An official at the PSO headquarters in Karachi, who asked not to be named, confirmed that the potential bidders had completed their due-diligence exercise, which they had started in November and the PC had already issued letters to the parties for the pre-bid moot.

In order for a smooth flow of the transaction and to offer a clean balance sheet, the government was said to have settled pending issues with PSO including the outstanding dues.

The reasons that the PC had taken up a fast-track sell-off of PSO were several: The government needed to refurbish reserves, which had depleted from $13.5 billion to $11.5 billion. Analysts estimate that the government might be able to raise between $550 to $800 million from the sale of 51 per cent strategic stake in PSO with management control.

The government holds 54 per cent (direct and indirect) stake in the oil marketing company. Another plausible reason cited for taking up the PSO sale in right earnest was that in case of a glitch in the upcoming sell-off of Pakistan Steel Mills, the PSO could be quickly placed on the plate as was done in case of sale of the KESC, bypassing the PTCL privatisation that had stood mired in problems.

In the mid October, the PC Board had approved prequalification of seven bidders, out of 15 who had submitted statements of qualification for the oil-marketing company’s privatization.

http://www.dawn.com/2006/01/26/ebr7.htm
__________________
Aalam-e-soz o saz main, wasl se barh ker hai firaaq
Hijr me lazt-e-talb, wasl main marg-e-arzoo...!!!
Reply With Quote
  #10  
Old Saturday, February 25, 2006
SIBGA-TUL-JANAT
Medal of Appreciation: Awarded to appreciate member's contribution on forum. (Academic and professional achievements do not make you eligible for this medal) - Issue reason: Appreciation
 
Join Date: Jul 2005
Posts: 1,221
Thanks: 349
Thanked 428 Times in 261 Posts
sibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the roughsibgakhan is a jewel in the rough
Default

Steel Mills sell-off on March 10

By Our Reporter

ISLAMABAD, Feb 21: Prime Minister Shaukat Aziz on Tuesday directed officials of the Privatization Commission (PC) to hold the bidding for disinvesting Pakistan Steel Mills Corporation (PSMC) on March 10.

Official sources said that the prime minister chaired a high-level meeting in which privatization of the steel mills was discussed with special reference to ending the ongoing tension in the employees over the issue.

Privatization and Investment Minister Dr Abdul Hafeez Shaikh would give up the cabinet post on March 11, 2006 and that was why a decision was taken to disinvest steel mills along with 4,500 acres of land on March 10.

The meeting was also attended by Pakistan Steel Mills Chairman Lt-Gen (retired) Abdul Qayyum and the secretary of the ministry of industries and production.

Dr Shaikh assured the meeting that bidding would take place on March 10 as all issues relating to the transaction had been discussed and sorted out.

The meeting reviewed the preparation of the steel mills deal and was told that all the five pre-qualified bidders were waiting to take part in the transaction which was delayed first on Dec 30, 2005 and later on Jan 31.

The Pakistan’s Steel Employees Action Committee had previously turned down various proposals of the PC to disinvest the organization. Most of the proposals were relating to the golden handshake scheme (GHS).

President Gen Pervez Musharraf had earlier directed the PC to expedite the disinvestment process as the issue was causing unrest among potential bidders as well as employees and officers of the organization.

He had asked the officials concerned to complete the transaction as was given to understand to the five pre-qualified bidders and the public at large.

http://www.dawn.com/2006/02/22/top10.htm
__________________
Aalam-e-soz o saz main, wasl se barh ker hai firaaq
Hijr me lazt-e-talb, wasl main marg-e-arzoo...!!!
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
The failure of Pakistan to develop a political system, Miss_Naqvi Pakistan Affairs 7 Tuesday, October 20, 2020 07:42 PM
development of pakistan press since 1947 Janeeta Journalism & Mass Communication 15 Tuesday, May 05, 2020 03:04 AM
Pakistan's History From 1947-till present Sumairs Pakistan Affairs 13 Sunday, October 27, 2019 02:55 PM
Happy Independence Day Argus Birthdays & Greetings 110 Saturday, August 14, 2010 11:44 PM
indo-pak relations atifch Current Affairs 0 Monday, December 11, 2006 09:01 PM


CSS Forum on Facebook Follow CSS Forum on Twitter

Disclaimer: All messages made available as part of this discussion group (including any bulletin boards and chat rooms) and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of CSSForum.com.pk (unless CSSForum.com.pk is specifically identified as the author of the message). The fact that a particular message is posted on or transmitted using this web site does not mean that CSSForum has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to the forum to report any objectionable message in site feedback. This forum is not monitored 24/7.

Sponsors: ArgusVision   vBulletin, Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.