CCoP Approves Divestment Of 18.3% Marri Petroleum Shares

CCoP approves divestment of 18.3% Marri Petroleum shares

ISLAMABAD, (Pakistan Point News - APP - 27th Jan, 2017 ) : Cabinet Committee on Privatisation (CCoP) Friday gave approval to many initiatives including the divestment of 18.3% government's shareholding in Mari Petroleum Company Limited. The divestment would be made either through the Joint Ventures Partners (Fauji Foundation and OGDCL) or the domestic stock exchanges. The committee also approved the transaction structure for the privatization of the SME bank in line with the guidelines of the State Bank of Pakistan.

It also approved to initiate the process for listing of the GEPCO shares on pakistan stock exchange through the IPO. The CCoP also recommended inclusion of House Building Finance Corporation Limited and First Women Bank Limited in the Privatization Programme For Early Implementation. The CCoP considered the strategic sale of the KAPCO with the instructions to Privatization Commission and Ministry of Water & Power to complete all formalities before formal approval.

The case of 5% divestment of the government residual shareholding in the OGDCL was deferred. Ministry of Information and Broadcasting's request for delisting of Shalimar Recording and Broadcasting Company Limited from the privatization programme was accepted by the CCoP. The CCoP meeting was chaired by Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization, Ishaq Dar. The meeting was attended by Federal Minister for Law Zahid Hamid, Minister for Petroleum Shahid Khakan Abbasi, Chairman Privatization Commission Muhammad Zubair, Chairman board of Investment, Dr.

Miftah Ismael, Chairman Securities and Exchange Commission of Pakistan, Muhammad Zafar-ul-Haq Hijazi and other senior government officials. Minister for Finance, Ishaq Dar, expressed his confidence that the decisions taken in the meeting would pave the way for economic growth of the country and also improve financial health of the entities. Dar further emphasized Privatisation Commission to ensure transparency in running the transactions as well as welfare of the workers.