Islamabad: The target of privatisation of Public Sector Entities (PSEs) will be successfully achieved on fast track basis through a transparent and open process, which will reduce the fiscal burden and enable the government to get rid of the business activity. Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation said while addressing a meeting of the Board of Privatisation Commission here today.
He further stated that the privatisation process was aimed at improving the working, efficiencies and performances of PSEs by associating the respective private sector and to bring in fresh investment for expansion of the existing entities and generating new jobs. The government was determined to safeguard the interests of the workers during the privatisation process and to empower them by having their representation on the respective Boards of the entities under Benazir Employees Stock Option Scheme (BESOS), he added.
The representatives of the Financial Advisory Consortium comprising of Citibank, Credit Suisse, J. P. Morgan and BMA Capital, gave s presentation to the PC Board regarding the Transaction structure for the issuance of Oil and Gas Development Company Limited (OGDCL)’s Exchangeable Bonds. This is a landmark deal under which the consortium has been tasked to monetize upto 10% of GoP shareholding in OGDCL via an Exchangeable Bond Transaction.
While reviewing the implementation status of the decisions taken during the previous meeting, the PC Board was informed that M/s Bhandari, Naqvi and Riaz and Fresh fields Bruckhaus Deringer LLP have being appointed as Issuers Legal Counsel for OGDCL Exchangeable Bonds.
Earlier, the PC Board welcomed Mr. Shahid Hussain Raja on assumption to the office of Federal Secretary Privatisation Division. The senior representatives of Petroleum and Natural Resources Division, Finance Division, OGDCL, SECP and PC were present in the meeting.
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