New privatisation policy approved

ISLAMABAD - The Cabinet Committee on Privatisation on Tuesday approved the new Privatisation Policy besides approving privatisation of 21 state-owned enterprises (SOEs)
CCOP approved the privatisation of four power companies and other state-owned entities including SME Bank, National Power Construction Company, Pakistan Railways and Pakistan Post.
Minister for Privatisation Syed Naveed Qamar briefed the media persons about the decisions taken in the meeting of CCOP.
The minister said CCOP had approved the new privatisation policy that had been modelled on the concept of public-private partnership and divestment of 26 per cent shares of the state owned enterprises (SOEs). The said policy also envisaged transfer of 12 per cent shares of all SOEs to the workers of these entities.
Earlier, CCOP met under the chairmanship of Advisor to Prime Minister on Finance and Economic Affairs Shaukat Tarin at PM Secretariat. The committee reviewed the status of ongoing privatisation transactions, policy guidelines and programmes, post-privatisation issues and other related matters.
Naveed Qamar said that CCOP had also approved privatisation of Heavy Electrical Complex (HEC), Pakistan Machine Tool Factory, PTDC Motels & Restaurants, Utility Stores Corporation, Kot Addu Power Company, Pakistan Mineral Development Corporation (PMDC), Marafco Industries (Machinery as is where is basis), National Insurance Company, Pakistan Reinsurance Company and State Life Insurance Corporation.
The CCOP also approved the privatisation of 4 power companies; Pesco, Fesco, Hesco and Qesco. He said CCOP also approved leasing out of thermal power stations of Jamshoro Power Company Limited (Jamshoro and Kotri) instead of strategic sales. The meeting advised Ministry of Water and Power, and Privatisation Commission to insert a proviso in the leasing documents to stipulate time limit for enhancing production capacity of the leased units. It also advised Ministry of Water and Power and Privatisation Commission to associate Ministry of Law and Justice while finalising lease documents.