Islamabad June 23 2021: Cabinet Committee on Privatization (CCOP) defer the decision on divestment of Government of Pakistan’s shares in Mari Petroleum Limited in its today’s meeting.
The meeting discussed the proposal for divestment of Government of Pakistan’s shares in Mari Petroleum Company Limited. After a comprehensive deliberations, the chair directed Privatization Commission and Ministry of Petroleum to further examine the issue in light of today’s discussion and come up with a comprehensive proposals during the next CCOP meeting. The meeting discussed the proposal for privatization of Services International Hotel and after thorough debate approved the revised reserve price subject to further approval by the Federal Cabinet.
Government is offloading 18.39 percent shares of Mari Petroleum (MPCL) while the Fauji Foundation had concerns about losing management control due to privatization of MPCL.
Earlier, the Government of Pakistan has removed dividend cap on distribution of funds to shareholders from Mari Petroleum to expedite the process of privatization and get better pricing.
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Federal Minister for Finance and Revenue Mr. Shaukat Tarin chaired a meeting of Cabinet Committee on Privatization (CCOP) on Wednesday. The meeting was attended by Federal Minister for Privatization Muhammad Mian Soomro, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, Special Assistant to the Prime Minister on Petroleum Tabish Gauhar, Secretary Privatization Commission, Secretary Petroleum Division, Secretary Industries and Production and other relevant officials attended the meeting.
The Cabinet Committee on Privatization (CCOP) examined the proposal for removal of Pakistan Engineering Company (PECO) from active privatization list. CCOP directed constitution of a committee consisting of representatives of Privatization Commission, Law Division, Establishment Division, Industries and Production Division, Finance Division and SECP to thoroughly analyze the case and come up with its proposals on issues highlighted in the meeting.
