Appointing a political head is usual and, somewhat, even acceptable in the developed nations. But putting in place politically-connected officials as board members raises suspicions of foul-play.Amid the hype, we take a look at the board members who will be leading the privatization program.
 |
| Members of Privatization committee of Pakistan, they are working with singe motive to maximize their own and PML-N empire with bogus/fabricated privatization schemes non such have ever worked, instead individual got more richer |
Umar Farooq Khan: One of the richest industrialists in Punjab with hands and feet in the sugar and beverage industry. He is said to be one of the leading financier of PML-N, according to his family sources. Farooq is said to be close to the premier. He is also a beneficiary of the PML-N privatization that was carried out in its previous tenure. Then, Farooq had bought an industrial unit.
Munir Kamal: The brother of the PC chairman and Asad Umar, PTI’s MNA from Islamabad constituency. Kamal is also the Karachi Stock Exchange board of directors chairman and holds the same post at the National Bank of Pakistan (NBP). He is a leading contender for the post of NBP president as well.
Out of 32 shortlisted companies the government has chosen for the privatization program me, 11 entities are for capital market transactions. Five have already been approved by the PC Board that include three banks and two oil and gas exploration companies.
Chaudhry Arif Saeed: A Punjab industrialist and owner of the Services Industries Limited. His company is registered at the Karachi Stock Exchange and is one of the leading footwear, tyre and tube manufacturers. He is also said to be close to the Nawaz family.
Zafar Iqbal Sobani: He has remained associated with the Hub Power Company and was chief executive officer at Hubco till recently. He is a chartered accountant by profession.
Hubco is aiming to acquire stakes in power generation and distribution companies, but has not publicly announced its intention. Kot Addu Power Company, Islamabad Electricity Supply Company, Hyderabad Electricity Supply Company, Jamshoro Power Generation Limited and Northern Power Generation Limited have been shortlisted for privatisation.
Arsala Khan Hoti: A PML-N election manifesto committee member from Khyber-Pakthunkhwa. He was also a candidate for the provincial assembly seat PK-24, Mardan-II and is a PML-N Mardan district general secretary.
Nasiruddin Ahmad: A retired bureaucrat, who has served with former prime minister Zafarullah Khan Jamali, and is said to be in the good books of the Nawaz family.
The stated objective of the privatisation programme is to improve efficiency within key economic activities and ease fiscal financing pressures. A three-pronged strategy for the purpose has been devised. But analysts’ concerns are whether the privatisation will benefit the few already rich families and will the associates of the ruling class be the beneficiaries of the process?
To address these concerns and many others such queries, the government needs to be careful and ensure that decision-makers do not lie in the conflict-of-interest area.
Published in The Express Tribune, January 13th, 2014.
______________________ xx_________________________
Privatised Transaction
From 1991 to August 4, 2014
From 1991 to August 4, 2014
Rs (in million)
| ||||
Sr. No
|
Unit Name
|
Sale Price
|
Date of Transfer
|
Buyer Name
|
Banking and Finance
| ||||
Bank
| ||||
1
|
Allied Bank Limited (51%)
|
971.6
|
Feb-91
|
EMG
|
2
|
Muslim Commercial Bank (75%)
|
2,420.0
|
Apr-91
|
National Group
|
3
|
Bankers Equity (51%)
|
618.7
|
Jun-96
|
LTV Group
|
4
|
Habib Credit & Exchange (70 %)
(52,500,000) |
1,633.9
|
Jul-97
|
Sh. Nahyan bin Mubarik Al-Nahyan
|
5
|
United Bank Ltd. (51%)
(1,549,465,680) |
12,350.0
|
Oct-02
|
Consortium of Bestway & Abu Dhabi Group
|
6
|
Bank Alfalah (30%)(22,500,000)
|
620.0
|
Dec-02
|
Abu Dhabi Group
|
7
|
Habib Bank (51%)
|
22,409.0
|
Dec-03
|
Agha Khan Fund for Economic Development
|
Total
|
41,023.2
| |||
Capital Market Transaction
| ||||
8
|
Muslim Commercial Bank (6.8%)
|
563.2
|
Jan-01
|
MCB Employees-PF & Pension Fund
|
9
|
Muslim Commercial Bank (4.4%)
|
364.0
|
Nov-01
|
MCB Employees-PF & Pension Fund
|
10
|
NBP 10% shares IPO (37.3 million shares)
|
373.0
|
Feb-02
|
General Public Thru Stock Exchange
|
11
|
Muslim Commercial Bank (CDC)(24,024,560 shares)
|
664.0
|
Oct-02
|
Sale Thru CDC
|
12
|
Pakistan Oil Fields Limited shares (CDC)(28,546,810 shares)
|
5,138.0
|
Oct-02
|
Sale Thru CDC
|
13
|
Attock Refinery Ltd. shares (CDC) (10,206,000 shares)
|
1039.0
|
Jan-03
|
Sale Thru CDC
|
14
|
ICP Lot - A
|
175.0
|
Sep-02
|
ABAMCO
|
15
|
ICP Lot - B
|
303.0
|
Oct-02
|
PICIC
|
16
|
ICP - SEMF
|
787.0
|
Apr-03
|
PICIC
|
17
|
National Bank of Pakistan 10% SPO (37,303,932 shares)
|
782.0
|
Nov-02
|
Sale Thru CDC
|
18
|
DG Khan Cement shares (CDC) (3,601,126 shares)
|
63.0
|
Dec-02
|
General Public thru Stock Exchange
|
19
|
NBP 3.52% 3rd offer (13,131,000 shares)
|
604.0
|
Nov-03
|
General Public thru Stock Exchange
|
20
|
OGDCL 5%- IPO (215,046,420 shares)
|
6,851.0
|
Nov-03
|
General Public thru Stock Exchange
|
21
|
SSGC 10% - SPO (67,117,000 shares)
|
1,734.0
|
Feb-04
|
General Public thru Stock Exchange
|
22
|
PIA 5.8% shares SPO
|
1,215.1
|
Jul-04
|
General Public thru Stock Exchange
|
23
|
PPL 15% IPO (102,875,000 shares)
|
5,632.6
|
Jul-04
|
General Public thru Stock Exchange
|
24
|
KAPCO 20% IPO (160,798,500 shares)
|
4,814.8
|
Apr-05
|
General Public thru Stock Exchange
|
25
|
UBL 4.2% IPO (21,867,000 shares)
|
1,087.2
|
Aug-05
| General Public thru Stock Exchange |
| 26 |
OGDCL 9.5% GDR (408,588,000 Shares)
|
46,963.0
|
Dec-06
|
GDR offering to international & domestic institutions
|
| 27 |
OGDCL 0.5% SPO (21,505,000 shares)
|
2,359.6
|
Apr-07
|
General Public thru Stock Exchange
|
| 28 |
UBL 25% GDR (202,343,752 shares)
|
39,450.7
|
Jun-07
|
GDR offering to international & domestic institutions
|
| 29 |
HBL 7.5% thru IPO (51,750,000 shares)
|
12,161.0
|
Oct-07
|
General Public thru Stock Exchange
|
| 30 |
UBL 19.6% (2,41,921,931 shares)
|
38,223.7
|
June-14
|
Secondary Public Offering
|
| 31 |
PPL 5% (70,055,000 shares)
|
15,342.0
|
June, 14
|
Secondary Public Offering
|
Total
|
186,688.9
| |||
Total Banking & Finance:
|
227,712.1
| |||
| Energy Sector | ||||
32
|
Mari Gas (20%)
|
102.4
|
Apr-94
|
Mari Gas Company Ltd.
|
33
|
Kot Addu Power Company (26%)
|
7,105.0
|
Jun-96
|
National Power
|
34
|
Kot Addu Power Company (10%)
|
3,046.0
|
Nov-96
|
National Power
|
35
|
Kot Addu (Escrow A/c)
|
900.7
|
Apr-02
|
National Power
|
36
|
SSGC LPG business
|
369.0
|
Aug-00
|
Caltex Oil Pak.(Pvt) Ltd.
|
37
|
SNGPL LPG business
|
142.0
|
Oct-01
|
Shell Gas LPG Pakistan
|
38
|
Badin II (Revised)
|
503.2
|
Jun-02
|
BP Pakistan & Occidental Pakistan
|
39
|
Adhi
|
618.9
|
May-02
|
Pakistan Oil Field
|
40
|
Dhurnal
|
161.0
|
May-02
|
Western Acquisition
|
41
|
Ratana
|
24.6
|
May-02
|
Western Acquisition
|
42
|
Badin I
|
6,433.0
|
Jun-02
|
BP Pakistan & Occidental Pakistan
|
43
|
Turkwal
|
75.6
|
Jun-02
|
Attock Oil Company
|
44
|
NRL (51% GOP shares)
|
16,415.0
|
May-05
|
Consortium of Attock Refinery Ltd
|
45
|
KESC (73% GOP shares)
|
15,859.7
|
Nov-05
|
Hassan Associates
|
Total
|
51,756.1
| |||
Telecommunications
| ||||
46
|
PTCL (2%)
|
3,032.5
|
Aug-94
|
General Public thru Stock Exchange
|
47
|
PTCL (10%)
|
27,499.0
|
Sep-94
|
Through DR form
|
48
|
26% (1.326 billion) B class of shares of PTCL
|
155,992.4
|
Jul-05
|
Etislat-UAE
|
49
|
Carrier Telephone Industries
|
500.0
|
Oct-05
|
Siemens-Pakistan Engineering Co. Ltd.
|
Total
|
187,023.9
| |||
Industrial Units
| ||||
Automobile
| ||||
50
|
Al-Ghazi Tractors Ltd.
|
105.6
|
Nov-91
|
Al-Futain Industries (Pvt) Ltd. UAE
|
51
|
National Motors Ltd.
|
150.4
|
Jan-92
|
Biboojee Services
|
52
|
Millat Tractors Ltd.
|
306.0
|
Jan-92
|
EMG
|
53
|
Baluchistan Wheels Ltd.
|
276.4
|
May-92
|
Abdul Qadir & Saleem I. Kapoorwala
|
54
|
Pak Suzuki Co. Ltd.
|
172.0
|
Sep-92
|
Suzuki Motors Co. Japan
|
55
|
Naya Daur Motors Ltd.
|
22.3
|
Jan-93
|
Farid Tawakkal & Saleem I. Kapoorwala
|
56
|
Bolan Castings
|
69.2
|
Jun-93
|
EMG
|
Total
|
1,101.9
| |||
Cement
| ||||
57
|
Maple Leaf Cement
|
485.7
|
Jan-92
|
Nishat Mills Ltd.
|
58
|
Pak Cement
|
188.9
|
Jan-92
|
Mian Jehingir Ellahi & Ass
|
59
|
White Cement
|
137.5
|
Jan-92
|
Mian Jehingir Ellahi & Associates
|
60
|
D.G Khan Cement
|
1,960.8
|
May-92
|
Tariq Sehgal & Associates
|
61
|
Dandot Cement
|
636.7
|
May-92
|
EMG
|
62
|
Garibwal Cement
|
836.3
|
Sep-92
|
Haji Saifullah & Group
|
63
|
Zeal Pak Cement
|
239.9
|
Oct-92
|
Sardar M. Ashraf D. Baluch
|
64
|
Kohat Cement
|
527.9
|
Oct-92
|
Palace Enterprises
|
65
|
Dandot Works - National Cement
|
110.0
|
Jan-95
|
EMG
|
66
|
General Refractories Limited
|
18.9
|
Feb-96
|
Shah Rukh Engineering
|
67
|
Wah Cement
|
2,415.8
|
Feb-96
|
EMG
|
68
|
Associated Cement Rohri
|
255.0
|
Nov-03
|
National Transport Karachi
|
69
|
Thatta Cement
|
793.0
|
Jan-04
|
Al-Abbas Group
|
70
|
10% additional shares-Dandot Cement
|
8.3
|
Oct-04
|
EMG
|
71
|
10% additional shares-Kohat Cement
|
40.7
|
Oct-04
|
EMG
|
72
|
Mustehkam Cement Limited
|
3,204,.9
|
Nov-05
|
Bestway Cement Limited
|
73
|
Javedan Cement Company Limited
|
4,315.9
|
Aug-06
|
Haji Ghani Usman & Group
|
Total
|
16,176.9
| |||
Chemical
| ||||
74
|
National Fibres Ltd
|
756.6
|
Feb-92
|
Schon Group
|
75
|
Kurram Chemicals
|
33.8
|
Feb-92
|
Upjohn Company USA
|
76
|
Pak PVC Ltd
|
63.6
|
Jun-92
|
Riaz Shaffi Reysheem
|
77
|
Sind Alkalis Ltd
|
152.3
|
Oct-92
|
EMG
|
78
|
Antibiotics (Pvt) Ltd
|
24.0
|
Oct-92
|
Tesco (Pvt) Ltd.
|
79
|
Swat Elutriation
|
16.7
|
Dec-94
|
Sahib Sultan Enterprises
|
80
|
Nowshera PVC Co. Limited
|
20.9
|
Feb-95
|
Al_syed Enterprises
|
81
|
Swat Ceramics (Pvt) Limited
|
38.6
|
May-95
|
Empeiral Group
|
82
|
Ittehad Chemicals
|
399.5
|
Jul-95
|
Chemi Group
|
83
|
Pak Hye Oils
|
53.6
|
Jul-95
|
Tariq Siddique Associates
|
84
|
Ravi Engineering Limited
|
5.4
|
Jan-96
|
Petrosin Products Pte
|
85
|
Nowshera Chemicals
|
21.2
|
Apr-96
|
Mehboob Ali Manjee
|
86
|
National Petrocarbon
|
21.9
|
Jul-96
|
Happy Trading
|
87
|
National Petrocarbon (add’l 10% shares)
|
2.3
|
Mar-02
|
Happy Trading
|
88
|
Khuram Chemicals (additional 10%)
|
6.0
|
Oct-03
|
Pfyzer Pakistan
|
89
|
10% additional shares – Ittehad Chemicals
|
26.1
|
Oct-04
|
EMG
|
1,642.5
| ||||
Engineering
| ||||
90
|
Karachi Pipe Mills
|
18.9
|
Jan-92
|
Jamal Pipe Industries
|
91
|
Pioneer Steel
|
4.4
|
Feb-92
|
M. Usman
|
92
|
Metropolitan Steel Mills Limited
|
66.7
|
May-92
|
Sardar M. Ashraf D. Baluch
|
93
|
Pakistan Switchgear
|
8.9
|
Jun-92
|
EMG
|
94
|
Quality Steel
|
13.2
|
Apr-93
|
Marketing Enterprises
|
95
|
Textile Machinery Co
|
27.9
|
Oct-95
|
Mehran Industries
|
96
|
Indus Steel Pipe
|
42.5
|
Jul-97
|
Hussien Industries
|
182.5
| ||||
Fertilizer
| ||||
97
|
Pak China Fertilizers Company Limited
|
435.4
|
May-92
|
Schon Group
|
98
|
Pak Saudi Fertilizers Ltd.
|
7,335.9
|
May & Sep-02
|
Fauji Fertilizers
|
99
|
Pak Saudi Fertilizers Ltd. (10%)
|
815.0
|
Sep-02
|
Fauji Fertilizers
|
100
|
Pak Arab Fertilizers (Pvt) Ltd. (94.8%)
|
14,125.6
|
May-05
|
Export Reliance- Consortium
|
| 101 |
Pak American Fertilizers (100%)
|
15,949.0
|
Jul-06
|
Azgard 9
|
| 102 |
Lyallpur Chemical & Fertilizers
|
280.2
|
Dec-06
|
Al Hamd Chemcial (Pvt) Limited
|
| 103 |
Hazara Phosphate Fertilizers Limited
|
1,340.00.2
|
Nov-08
|
Pak American Fertilizers
|
Total
|
40,281.1
| |||
Ghee
| ||||
104
|
Fazal Vegetable Ghee
|
21.2
|
Sep-91
|
Mian Mohammad Shah
|
105
|
Associated Industries
|
152.0
|
Feb-92
|
Mehmoob Abu-er-Rub
|
106
|
Sh Fazal Rehman
|
64.3
|
Apr-92
|
Rose Ghee Mills
|
107
|
Sh Fazal Rehman(addl- 10% shares)
|
2.3
|
May-05
|
Rose Ghee Mills
|
108
|
Kakakhel Industries
|
55.3
|
May-92
|
Mehmoob Abu-er-Rub
|
109
|
United Industries
|
15.5
|
May-92
|
A. Akbar Muggo
|
110
|
Haripur Vegetable Oil
|
30.1
|
Jul-92
|
Malik Naseer & Assoc.
|
111
|
Bara Ghee Mills
|
27.8
|
Jul-92
|
Dawood Khan
|
112
|
Hydari Industries
|
-
|
Aug-92
|
EMG
|
113
|
Chiltan Ghee Mills
|
42.5
|
Sep-92
|
Baluchistan Trading Co.
|
114
|
Wazir Ali Industries
|
31.9
|
Dec-92
|
Treat Corporation
|
115
|
Asaf Industries (Pvt) Limited
|
11.4
|
Jan-93
|
Muzafar Ali Isani
|
116
|
Khyber Vegetable
|
8.0
|
Jan-93
|
Haji A. Majid & Co.
|
117
|
Suraj Vegetable Ghee Industries
|
10.8
|
Jan-93
|
Trade Lines
|
118
|
Crescent Factories Vegetable Ghee Mills
|
46.0
|
Jan-93
|
S. J. Industries
|
119
|
Bengal Vegetable
|
19.1
|
Mar-93
|
EMG
|
120
|
A & B Oil Industries Limited
|
28.5
|
Mar-93
|
Al-Hashmi Brothers
|
121
|
Dargai Vegetable Ghee Industries
|
26.2
|
Nov-97
|
Gul Cooking Oil Industries
|
122
|
Punjab Veg. Ghee
|
18.7
|
May-99
|
Canal Associates
|
123
|
Burma Oil
|
20.1
|
Jan-00
|
Home Products Intl
|
124
|
E&M Oil Mills
|
94.0
|
Jul-02
|
Star Cotton Corp. Ltd.
|
125
|
Maqbool Oil Company Ltd.
|
27.6
|
Jul-02
|
Madina Enterprises
|
126
|
Kohinoor Oil Mills
|
80.7
|
May-04
|
Iqbal Khan
|
127
|
United Industries Limited
|
7.7
|
Sep-05
|
A. Akbar Muggo
|
841.7
| ||||
Rice
| ||||
128
|
Sheikhupura
|
28.0
|
May-92
|
Contrast Pvt Ld.
|
129
|
Faizabad
|
21.2
|
May-92
|
Packages Ltd.
|
130
|
Siranwali
|
16.2
|
Jul-92
|
Enkay Enterprises
|
131
|
Hafizabad
|
20.0
|
Sep-92
|
Pak Pearl Rice Mills
|
132
|
Eminabad
|
24.1
|
Nov-92
|
Pak Arab Food Industries
|
133
|
Dhaunkel
|
79.2
|
Jun-93
|
Dhonda Pakistan Pvt Ltd.
|
134
|
Mabarikpur
|
14.4
|
Nov-93
|
Maktex (Pvt) Ltd.
|
135
|
Shikarpur
|
32.5
|
Mar-96
|
Afzaal Ahmad
|
235.6
| ||||
Roti Plants
| ||||
136
|
Gulberg, Lahore
|
8.7
|
Jan-92
|
Packages Ltd.
|
137
|
Peshawar
|
2.6
|
Jan-92
|
Saleem Group of Ind
|
138
|
Head Office, Lahore
|
10.2
|
Jan-92
|
Hajra Textile Mills
|
139
|
Hyderabad
|
2.6
|
Jan-92
|
Utility Stores Corp.
|
140
|
Faisalabad
|
11.5
|
Jan-92
|
Azad Ahmad
|
141
|
Bahawalpur
|
1.6
|
Feb-92
|
Utility Stores Corp.
|
142
|
Multan
|
2.5
|
Feb-92
|
Utility Stores Corp.
|
143
|
Quetta
|
4.8
|
Feb-92
|
Utility Stores Corp.
|
144
|
Islamabad
|
3.6
|
Mar-92
|
Utility Stores Corp.
|
145
|
Taimuria, Karachi
|
9.2
|
Jun-92
|
Spot Light Printers
|
146
|
SITE, Karachi
|
5.1
|
Sep-92
|
Specialty Printers
|
147
|
Multan Road, Lahore
|
3.5
|
Dec-92
|
Utility Stores Corp.
|
148
|
Korangi, Karachi
|
4.6
|
Apr-93
|
Utility Stores Corp.
|
149
|
Mughalpura, Lahore
|
-
|
Jun-96
|
Pakistan Railways
|
150
|
Gulshan-e-Iqbal, Karachi
|
20.2
|
Mar-98
|
Ambreen Industries
|
90.7
| ||||
Textile
| ||||
151
|
Quaidabad Woollen Mills
|
85.5
|
Jan-93
|
Jehingir Awan Associates
|
152
|
Cotton Ginning Factory
|
1.2
|
Jun-95
|
Hamid Mirza
|
153
|
Bolan Textile Mills
|
128.0
|
Oct-05
|
Sadaf Enterprises
|
154
|
Lasbella Textile Mills
|
156.0
|
Nov-06
|
Raees Ahmed
|
370.7
| ||||
Total (all Industrial Units)
|
60,923.6
| |||
Newspapers
| ||||
155
|
N.P.T Building
|
185.0
|
Oct-93
|
Army Welfare Trust
|
156
|
Mashriq – Peshawar
|
26.6
|
Jun-95
|
Syed Tajmir Shah
|
157
|
Mashriq – Quetta
|
6.2
|
Jan-96
|
EMG
|
158
|
Progressive Papers Ltd.
|
46.1
|
May-96
|
Mian Saifu-ur-Rahman
|
159
|
Mashriq – Karachi
|
6.7
|
Aug-96
|
EMG
|
270.6
| ||||
Tourism
| ||||
160
|
Cecil's Hotel
|
190.9
|
Jun-98
|
Imperial Builders
|
161
|
Federal Lodges - 1- 4
|
39.2
|
Jan-99
|
Hussain Global Assoc.
|
162
|
Dean's Hotel
|
364.0
|
Dec-99
|
Shahid Gul & Partners
|
163
|
Falleti's Hotel Lahore
|
1,211.0
|
Jul-04
|
4B Marketing
|
Total
|
1,805.1
| |||
Others
| ||||
164
|
Makerwal Collieries
|
6.1
|
Jul-95
|
Ghani Group of Industries
|
165
|
National Tubewell Const Corp
|
18.6
|
Sep-99
|
Through Auction
|
166
|
Duty Free Shops
|
12.5
|
Sep-99
|
Weitnaur Holding Ltd.
|
167
|
Republic Motors (Plot)
|
6.3
|
Nov-99
|
Muhammad Mushtaq
|
168
|
Al Haroon Building Karachi
|
110.0
|
Sep-02
|
LG Group
|
169
|
International Advertising (Pvt) Ltd.
|
5.0
|
Apr-05
|
EMG
|
158.5
| ||||
Grand Total
|
529,649.9
| |||
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