Offloading govt stake: PIA sell-off clears the last hurdle

Headed by its Chairman Mohammad Zubair Umar, the Board also approved the strategic sale of Heavy Electric Complex (HEC) and National Power Construction Company (NPCC). PHOTO: PID

ISLAMABAD: The Board of Privatisation Commission approved the appointment of a financial adviser to sell 26% shares of the Pakistan International Airlines to a strategic investor, marking the beginning of the privatisation of 32 state-owned entities.

Headed by its Chairman Mohammad Zubair Umar, the Board also approved the strategic sale of Heavy Electric Complex (HEC) and National Power Construction Company (NPCC). Out of six board members, four attended the first round of meeting.

The Board will meet again today (Thursday) to consider the cases of Oil and Gas Development Company (OGDC) and to offload the government’s shares in a few commercial banks.

PIA’s 26% shares will be privatised on the model adopted to privatise Pakistan Telecommunication Limited, according to an official of the Commission. The government would not transfer the liabilities of the national-flag carrier to the buyer, he added.

The Board resolved to divest the government of the minimum 26% shares and gave the go-ahead for the selection of the financial adviser who would carry out the process, according to a brief statement issued by the Privatisation Commission. The Board resolved that the employees’ interests would be protected in the process, it added.

The financial adviser will conduct due diligence and determine the base price. After the Board’s approval, the matter will now go to the Cabinet Committee on Privatisation (CCOP). The CCOP meeting is often considered a mere formality as all the issues are mainly decided by the PC Board.

Meanwhile, the Board also approved the strategic sale of the minimum 88% government shares in the NPCC and the divestment of minimum 96% government shares in the HEC together with management control. These two entities were at the last stage of privatisation during the  regime of the Pakistan Peoples Party. However, the previous government did not complete the process.

The HEC is one of the industrial units of the State Engineering Corporation (SEC) engaged in the manufacturing of power transformers of different types with primary voltage rating of 66 KV and 132 KV.

Under an agreement with the International Monetary Fund, signed for $6.7 billion loan, the government has committed to sell off 32 entities in the next three years. It has finalised a three-pronged strategy, which consists of 11 capital market transactions, 17 strategic private-sector partnerships, including PIA and Pakistan Steel Mills, and restructuring three entities, which is to be completed in three to five years.

The majority of the revenue will come from capital market transactions. As many as 11 enterprises in oil and gas, banking and insurance and power sector have been identified for privatisation in block sales, in primary or secondary public offerings to institutional and individual investors in domestic or international listings.

Minister for Finance and Privatisation Ishaq Dar recently stated that the government was expecting over Rs100 billion in revenues from the capital market transactions.

According to Privatisation Commission officials, the authorities were estimating a minimum gain of Rs80 billion from the 10% sale of OGDCL shares, Rs20 billion by offloading 5% shares of Pakistan Petroleum Limited, Rs15 billion from 10% shares of United Bank Limited, Rs50 billion by offloading 20% shares of Habib Bank and Rs10 billion by selling 10% shares of Allied Bank Limited.

According to the Privatisation Ordinance 2000, 90% of net privatisation proceeds would be allocated to debt retirement and 10% to poverty alleviation programmes.

Privatisation Commission approves share sale for OGDCL, PPL and three banks

Chairman Mohammad Zubair Umar chairing the first meeting on Thursday, Jan 8. PHOTO: PID

ISLAMABAD: Hot on the heels of approving privatisation of Pakistan International Airlines, the Board of Privatisation Commission approved the divestment of shares of three banks along with two other companies on Thursday.

Chairman Privatisation Commission Mohammad Zubair chaired the meeting of the board that allowed the Commission to initiate hiring of Financial Advisors for the privatisation of the entities.

The Board approved the divestment of shares for:

- Habib Bank Limited
- United Bank Limited
- Allied Bank Limited
- Oil and Gas Development Companies Limited
- Pakistan Petroleum Limited

On Wednesday, the Board cleared away the last hurdle facing the privatisation of Pakistan International Airlines by approving the sale of 26% of its shares to a private stakeholder.

Mohammad Zubair informed the Board that the government will ensure transparency in the exercise, and that all stakeholders will be taken into confidence.

He assured that employee rights will be safeguard in the auction.

Board Members including Arsala Khan Hoti, Nasiruddin Ahmad, Zafar Iqbal Sobani and Secretary Privatization Commission attended the meeting.

Exports to Afghanistan will no longer be in Pak Rupee: Dar

Federal Minister for Finance Ishaq Dar chairing a meeting on Thursday. PHOTO: PID

ISLAMABAD: Federal Minister for Finance, Senator Ishaq Dar said on Thursday that by March 17, payments against exports to Afghanistan will cease to be made in the Pakistani rupee.

The finance minister was chairing a high-level meeting to review Pakistan’s trade with Afghanistan at the Finance Ministry.

Attendants of the meeting were informed that Pakistan’s export to Afghanistan during 2012-13 amounted to US $2.3 billion. This includes trade undertaken in Pakistan Rupee, estimated to be 50% of total exports.

Dar took the decision after consultations and due recommendations by the concerned Ministries.

A two-month grace period was, however, being given to allow exporters to serve out existing contracts.

The decision has been taken in view of the fact that normal banking channels were now available for transactions between the two countries.

The move is likely to earn foreign exchange of US $1 billion.

Currency limit per person reduced to US $5000 per trip abroad

In a separate meeting held with representatives from the State Bank of Pakistan, the Finance Minister reviewed the limit of currency notes allowed to Pakistanis traveling abroad.

Governor SBP had raised the issue that the present limit of US$10,000 for each person per trip was being misused.

The Finance Minister stressed and clarified that the limit of US $5000 was applicable to passengers who were carrying currency notes.

Under the new laws, each child of up to 12 years will be entitled to 50% allowance while an infant will be permitted an allowance of 25%

Gravity conquers BAFTA nominations

Space thriller Gravity grabs 11 BAFTA nominations. PHOTO: FILE

LONDON: 

Space thriller Gravity grabbed 11 BAFTA nominations on Wednesday, putting it just ahead of the pack at Britain’s top film honours, while 12 Years A Slaveand American Hustle are in the running in 10 categories.

Gravity, starring Oscar-winning actors Sandra Bullock and George Clooney, was shortlisted in categories including Best Film, Best Actress, Best Director for Alfonso Cuaron, Best Sound and Visual Effects, and Outstanding British Film.

The nomination for Outstanding British Film gave Gravity the edge over US rivals in a highly competitive year in which the unflinching slavery drama 12 Years A Slave, from British director Steve McQueen, is topping many US award nomination lists.

This film is heading the nominations across the Atlantic for the January 12 Golden Globe awards and is a favorite for the Oscars on March 2. Its British lead actor, Chiwetel Ejiofor, is also nominated for the BAFTA Best Actor prize.

Ejiofor, 36, gained recognition as the lead in the 2002 dark crime thriller Dirty Pretty Things, but his role in 12 Years A Slave as a free man kidnapped and sold into slavery has thrust him into the limelight, garnering him multiple award nominations.

“I continue to be immensely proud of the recognition this film is getting around the world. There is, of course, something particularly special about receiving a BAFTA nomination from home,” Ejiofor said in a statement.

Other films competing for the BAFTA Best Film award are ’70s con-men caper American Hustle, Somali pirate thriller Captain Phillips, and the heart-tugging adoption dramaPhilomena.

Of these five films vying for the top prize, all but Philomena are also competing for the Best Director award.

The BAFTAs have had a patchy record in predicting which films go on to scoop the biggest movie honours, the Academy Awards, although the main winners in London in the past two years, The Artist and Argo, stormed to a Best Picture victory at the Academy Awards in their respective years.

The awards ceremony for the BAFTAs, formally called the EE British Academy Film Awards, takes place in London on February 16.

Following is a list of nominees for the main categories:

Best Film

12 Years A Slave

American Hustle

Captain Phillips

Gravity

Philomena

Outstanding British Film

Gravity

Mandela: Long Walk to Freedom

Philomena

Rush

Saving Mr Banks

The Selfish Giant

Best Director

Steve McQueen/ 12 Years A Slave

David O. Russell/ American Hustle

Paul Greengrass/ Captain Phillips

Alfonso Cuaron/ Gravity

Martin Scorsese/ The Wolf of Wall Street

Best Film not in the English language

The Act of Killing

Blue is the Warmest Colour

The Great Beauty

Metro Manila

Wadjda

Best Documentary

Joshua Oppenheimer/ The Act of Killing

Alex Gibney/ The Armstrong Lie

Gabriela Cowperthwaite/Blackfish

Teller, Penn Jillette, Farley Ziegler/ Tim’s Vermeer

Alex Gibney/ We Steal Secrets: The Story of Wikileaks

Best Animated Film

Despicable Me 2

Frozen

Monsters University

Original Screenplay

Eric Warren Singer, David O. Russell/American Hustle

Woody Allen/ Blue Jasmine

Alfonso Cuaron, Jonas Cuaron/ Gravity

Joel Coen, Ethan Coen/Inside Llewyn Davis

Bob Nelson/Nebraska

Best Leading Actor

Bruce Dern/Nebraska

Chiwetel Ejiofor/12 Years A Slave

Christian Bale/American Hustle

Leonardo Dicaprio/The Wolf of Wall Street

Tom Hanks/Captain Phillips

Best Leading Actress

Amy Adams/American Hustle

Cate Blanchett/Blue Jasmine

Emma Thompson/Saving Mr Banks

Judi Dench/Philomena

Sandra Bullock/ Gravity

Best Supporting Actor

Barkhad Abdi/Captain Phillips

Bradley Cooper/American Hustle

Daniel Bruhl/Rush

Matt Damon/Behind the Candelabra

Michael Fassbender/12 Years A Slave

Best Supporting Actress

Jennifer Lawrence/American Hustle

Julia Roberts/August: Osage County

Lupita Nyong’O/12 Years A Slave

Oprah Winfrey/The Butler

Sally Hawkins/Blue Jasmine

Mother Monster betrayed by Haus of Gaga

Gaga claims she was left alone to do damage control while she was recovering from injury. PHOTO: FILE

Lady Gaga’s Haus of Gaga has betrayed her, according to the pop diva. Haus of Gaga is the pop star’s personal creative team, and is responsible for most of her iconic looks in music videos and unique street style.

The singer has apologised to her fans for the long wait of her new music video of Do What U Want. Gaga, who claims she faced problems with her team, said in a post on her Little Monsters website, “It is late because, unfortunately, I was given a week to plan and execute it.”

The star also claimed that she was given very little time for her creativity to flourish. “It is very devastating for someone like me; I devote every moment of my life to creating fantasies. All my most successful videos were planned over a period of time when I was rested and my creativity was honoured,” the star said in an interview with Cosmopolitan.

“Millions of dollars are not enough for some people. They want billions. Then they need trillions. I was not enough for some people. They wanted more, and those who did not care about ARTPOP‘s success are now gone, and the dreams I have been planning can now come to fruition,” added the pop star. Gaga also parted ways with former manager Troy Carter in 2013, just a week ahead of the release of her latest album ARTPOP.

The star was appreciative of the support provided to her by her loyal and devoted fan following. Gaga was also thankful to both the paparazzi and designers for not going public with any of the disruptive events that had taken place behind the scenes, which she was left to deal with alone while recovering from hip surgery, following an injury. “I was too sick, too tired, and too sad to control the damage on my own,” the star commented brokenly.

Addressing her impatient fans, Gaga said she was beginning with a fresh start. “Let me be for you the goddess that I know I truly am, and let me show you the visions that have been in my mind for two years. Forgive me monsters. Forgive me ARTPOP. You are my whole world.”

Malaika Arora Khan reproaches the item girl tag

Malaika suggests that a dance number should be called a ‘special’ song, which meant solely for the purpose of entertainment. PHOTO: FILE

Actor Malaika Arora Khan, who has made us move and groove to her dance numbers, is the undisputed queen of contemporary item songs. With cameo appearances in songs like Chaiyya Chaiyya, Munni Badnam Hui and Anarkali Disco Chali, she has never failed to bring out the dancer in us.

And it’s fitting to know that the B-town bombshell isn’t just a great dancer, she is also disapproving of terms that trivialise women in the industry.

She raises a pertinent thought in an interview, “I don’t like the term ‘item girl’. Why not look at it [item song] as a ‘special’ song – a song that is creating hype and [is meant for the purpose of] entertainment?” she said, according to the Times of India.

Malaika is undeterred by mainstream actors, such as Kareena Kapoor Khan, Deepika Padukone, Priyanka Chopra and Katrina Kaif, having jumped on the ‘item number’ bandwagon. “There is enough work for everyone. Everybody has a role or part to play, if somebody fits the bill, that is what matters,” she said. She shares that as of late, nothing interesting has come up in terms of dance numbers.

The actor is back to judge season five of the reality television show India’s Got Talent and shared that this time “it is insane amount of work. In a day, we have 20-25 acts minimum”. Calling some of the acts on the show “breathtaking and death-defying” she stated, “I don’t think there is any show [in India], which provides a platform to showcase varied talent from all over the country.”

Although Malaika has made her mark as a dancer on screen, one form of dance that she has yet to master is belly dance, which she considers to be largely unexplored in Bollywood movies. “I would love to learn popping, locking and robotics, gymnastics and acrobatics — it is amazing to learn these things. I know the basic thing about belly dancing, but not the technicalities. I have been associated with dance since a long time, but yet there is so much more to learn about it,” she said.

Other than belly dancing, the 40-year-old diva would be thrilled to do bike stunts. We’d love to see you get into it in full swing, M!

Taking comedy to new heights: Hamza Ali Abbasi

LAHORE: 

Hamza Ali Abbasi is a rare man among today’s breed of actors. Driven by passion, his latest directorial venture, Kambakht, is Abbasi’s own Joseph Gordon-Levitt Don Jon moment. While he has already established a burgeoning career for himself as a leading man, he is looking to make his mark on cinema from the director’s chair.

“I am better known for my acting, so a lot of people told me ‘focus on that’ or ‘wait before you make a film’, but I felt I had to do it. It’s kind of like getting married, you can wait five years or do it now,” Abbasi tells The Express Tribune.

Abbasi has paid no heed to these suggestions and is currently in the process of directing what is being hyped as a vitriol comedy that should be released  by mid-2014.There are many positive things about Abbasi, but one thing is certain, he is always talking about bringing people together and supporting each other for the betterment of the industry. The actor-director has kept his indie-film roots intact with this endeavour by casting and running the production through people he feels comfortable with.

“The passion aspect has overshadowed professionalism. We’re all people who are doing this for the first time, so I think that’s what made the project so interesting,” says Abbasi.

His production team is a cultivation of minds he has brought together or scouted over the years. More importantly, they are people he trusts. For instance, the script is a collaborative effort between Abbasi and two theatre veterans, Atif Siddiqui and Jawad Rana. His production team includes two relatively new figures — Shayan Latif, who was his DOP in Mudhouse and newcomer Sharmeen Khan.

“My first priority was to work with people I already knew and thought I had a comfort level with, so we would stay together at work, so that helped me,” says Abbasi. The hype surrounding the film has been apparent since its inception due to the originality of the piece, and the star ensemble assembled by Abbasi. Ahsan Khan was initially going to star in the lead role, which is now being played by Abbasi himself.

Kambakht has quite the all-star cast, including Abbasi, Shafqat Cheema, Humayun Saeed, Shehryar Munawar, Sohai Ali Aabru, Fizza Zehra and Gohar Rasheed, amongst others. A comedy with an original storyline, Kambakht is about two people, one middle-aged man from the backward areas of the frontier, played by Shafqat Cheema, and a young urban city-slicker played by Abbasi himself, who strike an unlikely and accidental friendship.

“I think it’s going to feel like a combination of both Hera Pheri and The Hangover mixed together. It’s pure comedy and entertainment, in which I think the film’s strength is going to be the story and the characters,” says Abbasi.

Gohar Rasheed, who helped with production and is playing the role of a policeman, is quite excited about Kambakht, due to the hilarity surrounding its characters. He says that the out-of-the-box and non-conventional approach has provided something really different.

“It’s really a roller-coaster ride; it has one turn after another, one twist after another, and one event after another. Personally I am against comparisons, because I feel it’s just that original. This film will leave its own mark,” says Rasheed.

Comedy aside, he says there is a broader change coming, in light of the fact that type-casted actors such as Shafqat Cheema, who has only been known for his roles as a villain, will be seen in a completely different light. Another person to look out for will be Humayun Saeed, also known for dark-harrowing characters, playing against his type.

The film is going to be distributed by ARY Films, and will be releasing its teaser trailers in the coming months. We can’t wait to see what Hamza Ali Abbasi has in store for us this year.