Govt plans to sell stakes in 3 companies this year: Qamar: Daily Times

ISLAMABAD: Pakistan plans to sell stakes in at least three companies by the end of June, reviving an asset sale programme stymied by political instability and a slowing economy. "This will be the start of our programme with a new concept of modernising companies with efficient management rather than a fund-raising target," Privatisation Minister Naveed Qamar said in an interview.

Ministry officials will meet potential buyers for National Power Construction Co. (NPCC) on March 28 to set a bidding date as early as next month, he said. Stakes in Jamshoro Power Co. (JPC) and Heavy Electrical Complex (HEC) may be sold by June 30, Qamar said.

Funds raised from asset sales fell by a quarter last year as political wrangling and terrorist attacks in the nation's biggest cities deterred overseas investors. Pakistan yesterday said it would seek $10 billion in funds over the next three years for development projects after securing a $7.6 billion bailout from the International Monetary Fund to avert default.

Since the start of this fiscal year on July 1, Qamar has completed only one transaction, raising Rs 1.34 billion ($16 million) by selling a stake in Hazara Phosphate Fertilizers Ltd., a urea maker. That compares with the previous government of former President Pervez Musharraf raising Rs 25.5 billion in a year through stakes in Habib Bank Ltd. and United Bank Ltd.

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