ISLAMABAD - The Board of Privatisation Commission has decided to recommend to the Cabinet Committee on Privatisation (CCOP) the proposed severance package of Rs 1.47 billion for the employees of Small and Medium Enterprises for final decision. The Board presided over by Syed Naveed Qamar, Federal Minister for Finance and Privatisation met here on Friday and reviewed the overall privatisation process and stepping up the efforts. The meeting considered the proposed package for Small and Medium Enterprises (SME) Bank employees, which will be forwarded to the Cabinet for taking final decision.          The PC Board was informed that after having detailed discussions with the employees of SME Bank a severance package proposal had been amicably agreed with them and a memorandum of understanding (MoU) had been signed between the PC and the employees.    The Financial Advisors for the privatisation of Oil and Gas Development Company, Merrill Lynch and KASB, made a presentation to the Privatisation Commission Board outlining various strategic options for the privatisation of OGDCL which will enhance the value of OGDCL as a company, further develop Pakistan's oil and gas sector, and benefit local and international shareholders value. The PC Board emphasized that efforts may be made to develop options wherein minimum changes be made in the present structure of the organization to ensure maximum benefits and to safeguard the interest of the employees. The meeting was informed that all arrangements had been finalized to hold bidding for the privatisation of Hazara Phosphate and Fertilizers Limited (HPFL) during the last week of the current month. The meeting also reviewed the progress for inviting fresh Expressions of Interest for Jamshoro Power Company Limited (JPCL), a generation unit of WAPDA and the status of the privatisation of Heavy Electrical Complex (HEC). If an asset sale takes place the interest of the present stakeholders would be protected.    The PC Board also reviewed the status and progress of various other ongoing and upcoming transactions and formulated its recommendations for approval of the Cabinet Committee on Privatisation (CCOP).    The senior officials and the representatives of the respective Ministries and departments and the officials and transaction managers of PC also attended the meeting.