960421

Bilour renews offer

for purchase of UBL

IQBAL MIRZA

KARACHI: Senator Ilyas Bilour, President, Federation of Pakistan Chambers of Commerce and Industry, has renewed his offer of Rs 19.19 per UBL share which he would be prepared to deposit immediately in case the Privatisation Commission accepted his offer.

In an informal chat with newsmen at the Federation House on Sunday he said that following the 'high drama' in which the Basharahil group of Saudi Arabia has been eased out from the arena, he would be willing to renew his offer to take over the UBL at Rs 19.19 per share.

The senator said he was amazed to read in this morning newspapers the developments relating to the sale of UBL and the assumption of management control of the bank by the State Bank of Pakistan. "This means that the deal with Basharahil has fallen apart and the bank cannot be disinvested to them." The process would start all over again for the privatisation of UBL, he added.

The FPCCI president, drew attention of the government towards the inadequate communication facilities which were retarding the economic progress in the country. "Broken roads and worn-out railway tracks need immediate repairs," he added.

He said that roads and highways, including the Indus Highway, should be immediately constructed and double track should be laid for railways.

He suggested that Prime Minister's scheme relating to the import of trucks and oil tankers at nominal import duty and easy instalments should immediately be restored to ease transport problems.

He said problems would crop up for the thermal power plants because diesel and furnace oil might not be supplied to them on time in view of shortage of trucks and oil tankers.

Senator Ilyas Bilour further asked the government to immediately ungrade air travel facilities at the Peshawar airport and introduce Boeing 737 services to connect cities in the Frontier province.

He regretted that though Peshawar was country's third largest international airport, it had no Instrument Landing System and the aircraft make visual landing "which is very risky at night time. He advised PIA to introduce Boeing 737 service on Peshawar-D.I.Khan-Multan-Karachi sector to facilitate air travellers in these cities.

LEAVES FOR HAJ

Senator Bilour later left for Saudi Arabia to perform Haj.

In the meanwhile, Iftikhar Ali Malik, Vice-President and Chairman Zonal Committee FPCCI who was nominated by Bilour as Acting President FPCCI, has also proceeded to Bahrain and Syria as member of Prime Minister's official entourage. During their absence abroad Mahmood Ahmed, Vice-President, will be the Acting President of FPCCI.