Islamabad: Minister for Privatization Daniyal Aziz Wednesday informed the Senate that Roadshows conducted in Singapore and Hong Kong helped to generate Rs 38,224 million through sale of United Bank Limited (UBL).
In the question hour, he said “The Roadshows and visits were conducted to materialize the privatisation of UBL. This exercise resulted in the sale of UBL and an amount of PKR. 38,224 million was generated by the Privatisation Commission and deposited in the government exchequer.
He said no amount was paid by the donors, in respect of the expenditures incurred on the visits of Privatisation Commission delegation to undertake official business relating to transactions.
“The amount incurred on travel of Privatisation Commission delegation was borne by the Financial Advisors as per their advisory agreement and no donors had sponsored the event and the expenditures.
He further said the financial advisors, as part of the Terms of Reference were required to arrange the sale of the relevant entities, for which they make bids in accordance with PPRA Regulations and as approved by the Privatisation Commission Board.