The Privatisation Commission Board, which met under the chairmanship of Dr. Abdul Hafeez Shaikh here today has pre-qualified four parties for acquiring 51 % equity stake with management control in Pakistan Petroleum Limited (PPL), on an 'as is where is' basis, one of the largest Exploration & Production companies of Pakistan operating in various production and exploration concessions in the country.

PC received 14 Expression of Interest (EOI) while among them eleven were able to submit their Request of Statement of Qualification (RSOQ). The Data Room for the due diligence of PPL will be opened on August 20, 2005. the Board also conditionally pre-qualified two parties who have been asked to furnish the required details latest by August 30, 2005.

The PC Board considered the pre-qualification of potential bidders for Pakistan State Oil Company Limited ("PSO") privatisation. PC had earlier received 15 EOIs and subsequently 11 parties submitted their Statement of Qualification (SOQ). The Board considered the pre-qualification of seven parties who remained interested in the transaction and approved their qualification for their further participation in the privatisation process.

The PC Board recommended to privatise Karachi Shipyard & Engineering Works by selling 74 % stakes with management control.

The meeting also reviewed the status of PTCL and Pakistan Steel Mill transaction. PC Board members, representatives of respective Ministries /departments and PC officials attended the meeting.

Source: http://www.privatisation.gov.pk/Handout/HO-AR-05/August-05/HO-0582005%
20PC%20Board%20Pre-Qualifies%20Parties%20for%20PPL-PSO%20Bidding.htm