The Privatization Commission of Pakistan approved the sale of government shares in seven entities including Pakistan International Airlines (PIA), Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL), and three banks, it was officially announced.
A two-day meeting of the board of Privatization Commission allowed initiating the process of hiring of financial advisers or evaluators from the private sector for divestment of the government shares in a transparent manner to obtain the best possible market price.
The board has formed transaction committees for the sale of government shares in the OGDCL, PPL, Habib Bank Limited, United Bank Limited and Allied Bank Limited.
The board has also approved to sell 26 percent shares of the national carrier PIA and allowed to initiate process for sale of the Heavy Electrical Complex and National Power Construction Company during the meeting.
Minister of State and Chairman of the Privatization Commission, Mohammad Zubair, said that the government would ensure transparency in the process of divestment taking all the stakeholders into confidence and fully protecting the rights of employees.
The government will offer to sell its 85 per cent shares in OGDCL, 78 per cent in PPL, 42 per cent in HBL, 20 per cent in UBL, and 10 per cent in ABL in the international market, said Muhammad Zubair.