The sale programmes of IAL, NITL, PECO, Lasbella Textile Mills and 10 percent shares of Nowshera PVC was also approved.
Minister for Privatisation Dr Hafeez Shaikh chaired the meeting.
Addressing the meeting, the minister said that initial public offering (IPO) of Pakistan Petroleum Limited shares has set a new record with 755,000 applications. He said massive response for PPL IPO was reflective of the people's confidence in the privatisation programme.
The minister said that open balloting was being scheduled for PPL shares on August 4 in Karachi.
Hafeez said: "The government would continue to transfer benefits of privatisation to the general public under the slogan of privatisation for the people".
He added that initial offerings of other public sector entities including Kot Adu Power Company, United Bank Limited, State Life Insurance Company and Pakistan Steel would be made soon.
The meeting was told that Board's divestment committee would continue to identify more entities for public offerings.
Hafeez said that additional eight EoIs have been received in response to fresh invitation for sale of 94.8 percent shares of Pak Arab Fertilisers (Pvt) Limited (PAFL).
These include fertiliser companies, industrial companies and groups confirmed that the transaction has great interest for the investors. Four bidders had submitted EoIs in response to earlier invitation in May 2002 and with coming in of more parties total number of EoIs has raised to 12.
He directed the Privatisation Commission to put in place safeguards for the entities being privatised and to make efforts to revive dead assets.