The News reported that the Board of Privatization Commission gave a go ahead to the sale of Pakistan Mineral Development Corporation’s 8 salt and coal mines projects.
Besides, the board directed the commission to obtain approval of the transaction structure and other related issues of Pakistan Petroleum Limited’s secondary public offering from the Cabinet Committee on Privatization.
The board took these decisions in a meeting with federal minister of privatization Mr Ghous Bux Khan Mahar in chair. The projects proposed by PMDC to be sold include
1. Lakhra Coal Mines (District Jamshoro)
2. Sor-Range Coal Mines (District Quetta)
3. Degari Coal Mines (District Kalat)
4. Sharigh Coal Mines (District Sibi)
5. Khewara Salt Mines (District Jehlum)
6. Warcha Salt Mines (District Khushab)
7. Kalabagh Salt mines (District Mianwali)
8. Jatta Bahaddur Khel, Karak Salt Quarries (District Karak)
The meeting was informed that ten parties submitted Expressions of Interest and Statements of Qualification for National Power Company. They include Al Arrab Contracting Co, Saudi Arabia, Mansour Al Mosaid Co, Saudi Arabia, Saudi Cable Company, Saudi Arabia, Pergola Holding Inc, Saudi Arabia, Durat Al Masana Est for Trade, Saudi Arabia, IRINA TECH WLL, Bahrain, GS Engineering & Construction Corp Korea, Fatima Group of Companies, Pakistan.
Besides, two Pakistani consortia have shown interest. The MAH Consortium comprises Mishal Sania, Muhammad Ayub Shiekh and Hummara Ayub. The Lilley SMADB Consortium comprises Lilley International and Sardar Mohammad Ashraf D Baluch.
The board directed the Transaction Committee to complete the due diligence of the SoQs for finalizing the pre-qualified bidders for NPC. The matter pertaining to the privatization of SME Bank also came under discussion and it was decided that the transaction committee should reinitiate the process. The board also decided to devise an investment policy for PC funds in accordance with the Finance Division’s guidelines.
The meeting formulated various recommendations for Cabinet Committee on Privatization and reviewed the status and progress of several ongoing and planned transactions.
(Sourced from www.thenews.com.pk)
