ISLAMABAD - Without facing any serious political pressure, the PML-N government is fast moving to complete its privatisation programme, as another prerequisite of appointing financial advisors for disinvesting shares of three entities (OGDCL, PPL, and UBL) would be met by April 22.

As the government has planned to generate Rs 143 billion for the disinvestments the shares of three public sector entities by June 30 this year, the Privatidation Commission is all set to appoint financial advisors for the prospective capital market transactions (OGDCL, PPL, and UBL) by April 22 2014.

The government, in first stage, would offload 10pc, 5pc and 20pc of shares in OGDCL (Oil and Gas Development Company Limited), PPL (Pakistan Petroleum Limited) and UBL (Untied Bank Limited) respectively before June 30 this year, which would generate Rs 143 billion.

Finance Minister Senator Ishaq Dar on Friday, chairing a meeting to review the progress made in the process of divestment of three Public Sector Entities (PSEs), has directed the Privatisation Commission to ensure transparency, openness and level playing field at all levels of the process and to complete the whole process.

Chairman Privatisation Commission, M. Zubair in a presentation given to the Finance Minister said that the Privatisation Commission (PC) is working in an efficient and transparent manner to create an enabling environment that attracts private capital from foreign and domestic investors and also brings in qualified and experienced owners and operators.

According to the memorandum of economic and financial policies 2013-14 and 2015-16, the chairman briefed the Minister on appointment of financial advisors and informed that the evaluation of technical and financial proposals is in final process. He said that the financial advisors for the first batch of prospective capital market transactions (OGDCL, PPL, and UBL) will be completed by April 22.

The Federal Minister was also informed that the process of transfer of properties to PTCL is being completed on fast track basis and only 4 transferable properties are left to be transferred.

The Privatisation Commission board had so far given approval of privatisation/ disinvestments of shares of 11 public sector entities. The 11 entities including Pakistan International Airlines (PIA), Oil and Gas Company Limited (OGDCL), Habib Bank Limited (HBL), United Bank Limited (UBL), Allied Bank Limited (ABL), Pakistan Petroleum Limited (PPL), National Power Construction Company (NPCC) and Heavy Electrical Complex, two Discos (Fesco and Lesco) and one Genco (TPS Muzaffargarh 1350 MW). However, the government would divest the shares of three public sector entities OGDCL, PPL and UBL before June 30 2014

The today’s (Friday) meeting was also attended by Dr Waqar Masood, Finance Secretary, Rana Assad Amin, Advisor to the Finance Ministry and senior officials from Finance Ministry and Privatization Commission.