Press Release
PC BOARD CONSTITUTES TRANSACTION COMMITTEE FOR SECONDARY PUBLIC OFFERING OF
PPL-----------------NPCC & HEC STRUCTURE REVISED
Islamabad, July 21, 2011
A meeting of the Board of Privatisation Commission (PC) was held under the
chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here
today. Also attended by Rana Asif Tauseef, Minister of State for Privatisation.
The Board constituted a six member Transaction Committee headed by a senior PC
board member Mr. Iftikhar ul Haq with Mr. Mahmood Nawaz Shah, Mr. Farid Malik PC
Board members, the Federal Secretaries Petroleum & Natural Resources,
Privatisation, Finance, Chairman SECP and MD PPL as its members Secondary Public
Offering (SPO) of Pakistan Petroleum Limited (PPL).
Mr. Ghous Bux khan Mahar Federal Minister for Privatisation directed the PC
officials to undertake the Privatisation Program on the active agenda
expeditiously while strictly observing utmost transparency, prevailing rules and
providing level playing field to both local and foreign investors in an open
manner. Addressing the PC Board Rana Asif Tauseef Minister of State for
Privatisation directed that milestones for each transaction must be fixed before
initiating any transaction and fee structure for advisory services should be
made mandatory on the basis of achieving the milestones.
The PC board was informed that Expression of Interest (EoIs) from three
consortia for appointment as Lead Manager / Book Runner(s) for SPO of the
Pakistan Petroleum Limited had been received, which include 1. NIB Bank Limited,
Global Securities Pakistan Limited, United Bank Limited, BMA Capital Management
Limited, 2. Allied Bank Limited, KASB Bank Limited, KASB Securities Limited, AKD
Securities Limited and 3. National Bank of Pakistan, Habib Bank Limited, Arif
Habib Limited, Foundation Securities Limited.
Privatisation Commission had invited EoIs for the appointment of Lead
Manager/Book Runner(s) for the offering of approximately 2.5% government of
Pakistan ('GOP') owned shares of Pakistan Petroleum Limited ('PPL') to the
general public through the domestic stock exchange(s). In order to ensure full
transparency of the process an Evaluation Committee will evaluate the proposals
submitted by the Interested Parties and will submit its report on Technical
pre-qualification of Interested Parties before Privatisation Commission Board.
The transaction will strengthen the domestic capital market and mobilize savings
of individuals, households and institutions of Pakistan and allow them to take
ownership
The PC Board approved the recommendations of FAS for Transaction Structure of
National Power Construction Corporation (NPCC) and allowed to proceed with a
strategic sale of 88 % GoP shares of NPCC on, 'as is where is' basis after
approval of the CCOP while allocation of 12 % remaining shares for employees for
distribution of Unit Certificates under Benazir Employees Stock Option Scheme
(BESOS). KASB Bank is providing Financial Advisory Services for the transaction.
While finalizing the Transaction Structure for Heavy Electrical Complex (HEC),
the PC Board agreed with the recommendations of the Transaction Committee for
revising the transaction structure as "divestment of equity stake at minimum 96
% of the issued, subscribed and paid up share capital in HEC together with
management control". PC has so far received three EOIs for HEC from 1. Niagra
Mills (Pvt) Ltd, Pakistan, 2. AREVA T & D Pakistan (Pvt) Limited, France and 3.
ALSTOM Grid Pakistan (Pvt) Ltd, France. The Board recommendations will be
submitted to the CCOP for a decision. The PC board also adopted audited
accounts of the Privatisation Commission for the year ended June 30, 2010.
Earlier, the PCB reviewed the implementation status and progress of various
other ongoing and upcoming transactions. The PC Board members, senior officials
of the respective Ministries, departments, representatives of the respective
entities and officials Privatisation Commission attended the meeting.
TAHIR PARWAZ
Director Media
Privatisation Commission
Government of Pakistan, 5-A, EAC Building
Constitution Avenue, Islamabad,PAKISTAN
off- 92 51 920 5146 Ext: 253 fax- 92 51 921 1692 or 92 51 920 3076 email:
parwaz_pk@yahoo.com
PC BOARD CONSTITUTES TRANSACTION COMMITTEE FOR SECONDARY PUBLIC OFFERING OF
PPL-----------------NPCC & HEC STRUCTURE REVISED
Islamabad, July 21, 2011
A meeting of the Board of Privatisation Commission (PC) was held under the
chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here
today. Also attended by Rana Asif Tauseef, Minister of State for Privatisation.
The Board constituted a six member Transaction Committee headed by a senior PC
board member Mr. Iftikhar ul Haq with Mr. Mahmood Nawaz Shah, Mr. Farid Malik PC
Board members, the Federal Secretaries Petroleum & Natural Resources,
Privatisation, Finance, Chairman SECP and MD PPL as its members Secondary Public
Offering (SPO) of Pakistan Petroleum Limited (PPL).
Mr. Ghous Bux khan Mahar Federal Minister for Privatisation directed the PC
officials to undertake the Privatisation Program on the active agenda
expeditiously while strictly observing utmost transparency, prevailing rules and
providing level playing field to both local and foreign investors in an open
manner. Addressing the PC Board Rana Asif Tauseef Minister of State for
Privatisation directed that milestones for each transaction must be fixed before
initiating any transaction and fee structure for advisory services should be
made mandatory on the basis of achieving the milestones.
The PC board was informed that Expression of Interest (EoIs) from three
consortia for appointment as Lead Manager / Book Runner(s) for SPO of the
Pakistan Petroleum Limited had been received, which include 1. NIB Bank Limited,
Global Securities Pakistan Limited, United Bank Limited, BMA Capital Management
Limited, 2. Allied Bank Limited, KASB Bank Limited, KASB Securities Limited, AKD
Securities Limited and 3. National Bank of Pakistan, Habib Bank Limited, Arif
Habib Limited, Foundation Securities Limited.
Privatisation Commission had invited EoIs for the appointment of Lead
Manager/Book Runner(s) for the offering of approximately 2.5% government of
Pakistan ('GOP') owned shares of Pakistan Petroleum Limited ('PPL') to the
general public through the domestic stock exchange(s). In order to ensure full
transparency of the process an Evaluation Committee will evaluate the proposals
submitted by the Interested Parties and will submit its report on Technical
pre-qualification of Interested Parties before Privatisation Commission Board.
The transaction will strengthen the domestic capital market and mobilize savings
of individuals, households and institutions of Pakistan and allow them to take
ownership
The PC Board approved the recommendations of FAS for Transaction Structure of
National Power Construction Corporation (NPCC) and allowed to proceed with a
strategic sale of 88 % GoP shares of NPCC on, 'as is where is' basis after
approval of the CCOP while allocation of 12 % remaining shares for employees for
distribution of Unit Certificates under Benazir Employees Stock Option Scheme
(BESOS). KASB Bank is providing Financial Advisory Services for the transaction.
While finalizing the Transaction Structure for Heavy Electrical Complex (HEC),
the PC Board agreed with the recommendations of the Transaction Committee for
revising the transaction structure as "divestment of equity stake at minimum 96
% of the issued, subscribed and paid up share capital in HEC together with
management control". PC has so far received three EOIs for HEC from 1. Niagra
Mills (Pvt) Ltd, Pakistan, 2. AREVA T & D Pakistan (Pvt) Limited, France and 3.
ALSTOM Grid Pakistan (Pvt) Ltd, France. The Board recommendations will be
submitted to the CCOP for a decision. The PC board also adopted audited
accounts of the Privatisation Commission for the year ended June 30, 2010.
Earlier, the PCB reviewed the implementation status and progress of various
other ongoing and upcoming transactions. The PC Board members, senior officials
of the respective Ministries, departments, representatives of the respective
entities and officials Privatisation Commission attended the meeting.
TAHIR PARWAZ
Director Media
Privatisation Commission
Government of Pakistan, 5-A, EAC Building
Constitution Avenue, Islamabad,PAKISTAN
off- 92 51 920 5146 Ext: 253 fax- 92 51 921 1692 or 92 51 920 3076 email:
parwaz_pk@yahoo.com
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