Meeting held to review privatisation progress

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PAK 5 NEWS

ISLAMABAD, Oct 28 (APP):Federal Minister for Privatisation Mohammedmian Soomro on Thursday directed the privatisation team to expedite the completion of pending matters related to privatization in order to meet the timelines of ongoing transactions.

The minister chaired a review meeting, which was also attended by Secretary Hasan Nasir Jamy and senior officials attended the meeting.

He said that a detailed meeting was also held with Prime Minister Imran Khan today about the current status of the privatisation process, advisor to PM on Finance Shaukat Tarin was also present in the meeting.

In the meeting it was discussed that the scope of privatization will be increased from profitable to heavy loss making SOEs so that the burden on government deficit could be reduced.

The minister said that the prime minister assured assistance wherever required to expedite the process to meet the deadlines for completion of ongoing transactions.
It was briefed that the summary regarding the pricing mechanism of Pak
re-insurance will be placed before Cabinet Committee of Privatisation (CCoP), as the transaction committee in 2020, approved the transaction structure for divestment of up to the 20% share of PRCL.

For the sale of remaining properties, the summary regarding financial advisors will be placed in the upcoming Privatisation Board meeting to proceed with the auction.

Somroo was also briefed about National Power Parks Management Company Limited (NPPMCL) the summary regarding the approval of debt-recapitalization from local banks will be placed before CCoP in its next meeting, the Ministry of Privatisation recommended debt-recapitalization and refinancing through borrowing from local banks in order to replace the GoP’s excess equity. 

The privatisation timelines of House Building finance Corporation (HBFCL) are contingent upon the appointment/composition of board of directors, while the board of First Women Bank held its first meeting and the EOIs for investors will be published after the board approves the current year’s financials.

For the revival of Pakistan Steel Mills, Statements of Qualification (SOQs) are being submitted from the reputed investors and the submission date has been extended till November 15, 2021.

For the revival of DISCOs, the EOIs for the FACs were published last month.
Federal Minister said that the matters regarding the reference price of Heavy Electrical Complex (HEC) are approved and processed will be completed soon.

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