CCoP approves transaction structure for divestment of 96.6pc HEC shares
ISLAMABAD: The Cabinet Committee on Privatization (CCoP) has approved the “Transaction Structure” for the divestment of 96.6 percent shares of Heavy Electrical Complex (HEC).
The CCoP also directed the Ministry of Industries and Production for the amicable and earliest resolution of issues related to regular employees of HEC.
The CCoP also instructed the Power Division (Ministry of Energy) to consider extending the validity of Type Testing License of Heavy Mechanical Complex.
The meeting of the committee was held here with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in chair.
The CCOP also constituted a committee, chaired by Minister for Industries and Production to improve upon the transaction structure for Pakistan Steel Mills Corporation in consultation with the appointed Financial/Transaction Adviser for further incorporation of market requirements.
The members of this committee would include Chairman Board of Investment, Chairman Privatization Commission, Secretary Finance, Adviser to PM on Austerity and Institutional Reforms and Special Assistant to Prime Minister (SAPM) on Energy.
The CCoP also approved the recommendation of the Privatization Commission Board to authorize the Chairman/Secretary of the Privatization Commission to authorize officers of the Commission to open, operate and close accounts in scheduled banks for the execution of privatization transactions including other operations in compliance with SBP guidelines.
The Financial Adviser appointed by the Privatization Commission (PC) for the sale of properties owned or controlled by the Federal Government briefed the CCoP on the Bid Price for the auctioned properties and sought guidelines for the remaining part of the transactions.
The Economic Coordination Committee (ECC) was briefed that out of the 27 properties, the bid price for 23 has been received.
The committee directed to recommend a way forward on two unsold properties in Multan and Rahim Yar Khan.
The committee also directed to engage the Chief Secretaries of KP and Punjab to resolve pending issues relating to two properties in Swat and Lahore. - APP