Sources said the CCoP has decided to offer the Power Company's IPO at discounted rate in order to attract maximum number of small investors.
The CCoP also approved the secondary public offering of 2.5 percent OGDCL shares with additional 2.5 percent shares through green shoe option and inclusion of IPO's of State Life Insurance Corporation (Slic) and Pakistan Steel Mills Corporation in the privatisation programme.
The Committee noted that public offering of Kapco, Slic, PSM AND OGDCL would significantly add to the market capitalisation and further strengthen the base of the stock market.
It approved the reference prices for Karachi Electric Supply Company (KESC), PakArab Fertilisers Limited (PFL) and directed Privatisation Commission to hold bidding for both the entities at the earliest.
The CCoP also included Pakistan Mineral Development Corporation's (PMDC) six salt and 4 coal mines in the privatisation programme. These were Kalabagh salt mine at district Mianwali; Khewra salt mine at district Jehlum; Warcha salt mine at district Khushab; Jatta, Karak and Bahadurkhel salt quarries at district Karak, while coal mines were Lakhra, Sor-range, Sharigh and Degari.
The Privatisation Commission's board has constituted a committee comprising representatives of the board, PMDC, provincial government and oil and gas experts with the task to prepare the transaction structure to proceed further for their transaction, the meeting was informed.
The CCoP reviewed the matters pertaining to the privatisation of Pak-American Fertiliser Limited, Pakistan Engineering Company (Peco) and progress of privatisation and gave necessary instructions to accelerate the pace of privatisation. The Cabinet Committee appreciated Privatisation Commission's performance and allowed it to publish annual report of 2004.
Federal ministers Dr Abdul Hafeez Shaikh, Jehangir Tareen, Liaquat Ali Jatoi, Governor State Bank of Pakistan and senior officials of ministry of Finance, Petroleum & Natural Resources, Privatisation & Investment, Labour manpower & Overseas Pakistanis, Water & Power, Industries & Production, Securities Exchange Commission of Pakistan (SECP) and PC attended the meeting.