ISLAMABAD – The Cabinet Committee on Privatisation (CCOP) on Thursday approved privatization of the Heavy Electrical Complex (HEC) and National Power Construction Corporation Limited (NPCCL) and formed a sub committee to finalize proposals to launch convertible or exchangeable bonds of the state owned oil and gas sector entities.
The meeting of the CCOP was held under the chairmanship of Minister for Finance Dr Abdul Hafeez Shaikh, said an official statement. The Privatization Commission (PC) recommended privatization of HEC on public private partnership (PPP) on the basis of sale of 26 percent shares along with management rights to the successful bidder. The committee approved the proposal and gave go ahead for the appointment of financial adviser. The committee also approved privatization of NPCCL on the recommendation of the PC.
A sub-committee was constituted under Minister for Privatization Waqar Ahmed Khan including minister for Petroleum, deputy chairman planning commission, chairman SECP, secretary finance, secretary privatization, and governor State Bank as members to finalize proposals for equity linked instruments like convertible or exchangeable bonds of oil and gas sector companies including Oil and Gas Development Corporation Limited (OGDCL) Pakistan Petroleum Limited and other entities in consultation with the ministries.
