ISLAMABAD, Dec 23 (APP): The Cabinet Committee on Privatization (CCoP) on Tuesday approved the recommendations of the Privatization Commission regarding the divestment of Pakistan International Airlines Corporation Limited (PIACL), endorsing the proposed reserve price for the sale of a 75 percent stake for onward submission to the Federal Cabinet.
The meeting of the CCoP was chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar.
The committee was presented with a summary for consideration of the reserve price, as approved and recommended by the Privatization Commission Board, for the divestment of 75 percent shares in PIACL.
The CCoP extensively reviewed the entire process undertaken by the Privatization Commission and its Board in relation to the proposed divestment of PIACL.
After thorough deliberations, the committee endorsed the board’s recommendations for further consideration and approval by the Federal Cabinet.
Chairing the meeting, Senator Mohammad Ishaq Dar emphasized the need to strictly adhere to all government policies, laws and prescribed procedures while ensuring the adoption of best international privatization practices.
He directed the concerned authorities to execute all privatization-related transactions in accordance with the law, maintain complete transparency and provide a level-playing field to all participants involved in the process.
During the meeting, the Privatization Commission and the Ministry of Privatization also gave a detailed briefing on the overall privatization process in Pakistan.
The meeting was attended by the Ministers for Finance, Power and Commerce; Advisors to the Prime Minister on Privatization, Industry and Production; Special Assistants to the Prime Minister Tariq Bajwa and Bilal Kiyani; and Federal Secretaries of Cabinet Division, Privatization, Planning, Commerce, Defence, Law, Power, along with senior officials of the Privatization Commission.