PC Board approves PECO delisting from active privatization list

June 3, 2021: The 4th Privatisation Commission, Board meeting of the current year held today in Islamabad, under the chairmanship of the Federal Minister and Chairman Privatisation Mohammedmian Soomro. Federal Secretary, Board members and senior officers of the Ministry attended the subject meeting.

Various important issues including Privatisation of Services international Hotel (SIH), hiring of audit firms for an external audit, the status of the sale of federal government properties, PECO and update on the overall privatization program was discussed.

The status of the sale of 26 Federal Government properties was also discussed, initially, 23 out of 26 properties were sold through open bidding in September last year, while three properties remained unsold. The hiring of financial advisors (FAs) for the sale 17 unsold properties was approved by the board, earlier the Inter-Ministerial Committee (IMC) approved the proposal for the hiring of FAs for the sale of remaining properties.

The matter regarding the delisting of Pakistan Engineering Company (PECO) from the active privatization list on account of inherent issues was unanimously approved by the board. The proposal to delist the PECO has been made due to different issues related to the entity. The entity with its current complex issues could not be considered for privatization unless these inherent issues are resolved with the line Ministries and other stakeholders.

The overall update of the privatization plan was also discussed in today’s board meeting and it was directed by the Federal Minister that an exclusive PC Board meeting to discuss the matters regarding the revival of Pakistan Steel Mills (PSM) will be convened next week.

Earlier today a follow-up meeting with the Governor State Bank and Finance Minister was also held and matters relating to SME Bank, First Women Bank Limited and House Building Finance Corporation.

Federal Minister Mohammedmian Soomro said that we are keen to complete the transactions in minimum time following the PC Ordinance in letter and spirit and also ensuring transparency throughout the process.

Press Release