CCOP shelves plan to sell 10 power distribution firms
Also cancels divestment of PPL and OGDCL shares
ISLAMABAD:
A cabinet body on Friday approved the shelving of a plan of all-out sale of 10 power distribution companies and also cancelled two capital market transactions of blue-chip companies, marking a third major shift in privatisation policy of the government.
Headed by Finance Minister Shaukat Tarin, the Cabinet Committee on Privatisation (CCOP) approved two separate summaries to give effect to these decisions.
The CCOP agreed to drop the plan of divestment of shares in Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company Limited (OGDCL) due to their depressed stock prices.
The Power Division claimed to have saved consumers from a burden of around Rs170b due to removal of the ‘fairness and equity’ clause from an arbitration deal.
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