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Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment handed
over 10 % (2,500,000) shares worth Rs. 26.125 million retained for the 54
employees of Ittehad Chemicals Limited who did not opt for GHS at the time of
the privatisation of the unit. The shares were handed over to day prior to
Privatisation Commission Board meeting to the representatives of CBA of the
unit on the completion of the formalities at 50 % discount on the rate quoted
on the Stock Exchange on July 23, 2004 in line with the decision of the
Cabinet Committee on Privatisation (CCOP).
Addressing on this occasion the Minister said that our Privatisation Program
was pro-people and pro-worker as the government was fully aware of the workers
problems and was determined to give priority to safeguard their interest while
privatizing the public sector units. Privatisation Commission has so far paid
Rs.6.1 billion among 30,900 employees as GHS/VSS and has also resolved decade
old issues of payment of GHS to the 276 workers of Suraj Ghee Mill,
Sheikhupura worth Rs.22.10 million and Rs.56.658 million to 244 employees of
National Cement Dandot recently.
So far, Privatisation Commission has offered 1,128,000 shares to 450 workers
of Kohat Cement Limited worth Rs.40.754 million, 1,750,250 shares to 689
employees of Dandot Cement Limited worth Rs.8.226 million and 61,301 shares to
447 employees of Gharibwal Cement Limited worth Rs.0.403 million while
complying CCOP decision, which would benefit 1640 employees to the tune of
Rs.75.5 million in case they decide to sell these shares on market rate as
they have been given these shares at 50 % discount, the Minister added.
Later, Privatisation Commission Board meeting chaired by Dr. Abdul Hafeez
Shaikh Federal Minister for Privatisation & Investment finalized the structure
of Karachi Electric Supply Company (KESC) and recommended the reference prices
for the bidding of KESC and Pakarab Fertilizers Limited for the approval of
CCOP. The meeting also reviewed the status and the progress of various
ongoing and upcoming transactions. PCB members, the respective Federal
Secretaries and other senior officials attended the meeting.