Which SOEs are next in Pakistan’s privatisation drive?

December 2, 2025 (MLN): The Privatisation Commission (PC) Board has approved major adjustments to Pakistan’s privatisation programme, by bringing three state-owned enterprises (SOEs) into the active list while recommending the removal of two, according to details shared by Khurram Schehzad, Advisor to Finance Minister on X.

The decisions came during the Commission’s 243rd Board meeting held under the chairmanship of Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.

The Board reviewed recommendations presented by the Investment Committee, which conducted an extensive assessment of 15 SOEs referred by relevant ministries for possible inclusion in the programme.

After evaluating their viability, financial condition, and preparedness for privatisation, the Committee cleared only three companies for addition:

• Saindak Metals Limited (SML)

• Pakistan Minerals Development Corporation (PMDC)
  

• National Insurance Company Limited (NICL)

The Investment Committee found that the remaining 12 enterprises did not meet the required standards of feasibility and readiness. Consequently, the Board did not approve them for inclusion in the active privatisation list.

In parallel, the Board recommended delisting two entities, Sindh Engineering Limited (SEL) and the Utility Stores Corporation (USC).

SEL has been non-operational since 2007–08, and its only significant asset is a parcel of land currently tied up in litigation, making privatisation unfeasible.

For USC, operations have already ended following a government directive, while its liabilities surpass its assets, further justifying its removal from the programme.

The Board restated that Pakistan’s privatisation agenda remains aligned with the government’s broader SOE reform and fiscal consolidation framework. Transparency, market viability, and protection of public interest will continue to guide decisions.

The Commission underlined that only SOEs meeting credibility and transaction-readiness criteria will move forward in the privatisation pipeline.

It further advised that administrative ministries may pursue alternative pathways, such as restructuring or liquidation, for SOEs that are not viable candidates for privatisation.

This prioritisation, the Board added, ensures that institutional resources remain focused on transactions that are practical, executable, and supportive of national economic objectives.

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