December 28, 2021:Financial Advisory Services Agreement (FASA) has been signed on 28th December 2021 with Financial Advisor Consortium (FAC) in order to sale the identified government properties, said a press release issued by Privatisation Commission (PC) board today.
For this, the negotiation committee by PC board in its meeting held on 14th December 2021, finalized the terms and conditions of the Financial Advisory Services Agreement (FASA) with the consortium of M/s HLB Ijaz Tabussum & Co.
To recall, the CCoP in its meeting held on 18th March 2021, as ratified by Federal Cabinet on 1st April 2021, decided to initiate auction of the remaining 17 available Federal Government properties (the first phase of the sale of identified properties ended in September 2020).
Accordingly, PC board directed to initiate the hiring process for a Financial Adviser (FA) under Privatisation Commission Ordinance, 2000 for sale of these 17 Federal Government Properties.
Advertisement inviting Expression of Interest (EOI) for hiring of financial adviser was published in national print media and after scrutiny of interests by the evaluation committee, the Request for Proposal (RFP) packages were issued to shortlisted parties for submitting technical and financial proposals.
The results of the technical and financial proposals were deliberated and approved by the PC Board on 25th November 2021 and a committee was constituted to negotiate Financial Advisory Services Agreement (FASA) with top ranked party i.e., the Consortium of M/s HLB Ijaz Tabussum & Co., Chartered Accountants (Lead) (ii) HLB Consulting (Pakistan) (Pvt) Ltd (iii) Vellani & Vellani (iv) Ocean Surveyors (Pvt) Ltd.
The small ceremony was chaired by the Secretary Privatisation Commission who urged on diligent performance of Financial Advisors’ duties under FASA and timely completion of the transaction.
