Auctions of targeted transactions to be finalized

November 11, 2021: Federal Minister Mohammedmian Soomro chaired a review meeting on privatisation progress, secretary and senior officials of the Ministry attended the meeting.

The Federal Minister was briefed about the ongoing transactions and the possible dates of the completion. Privatisation is a complex process where consultation with line Ministries is indispensable to remove the bottlenecks for the problem-free sale of entities. Currently, the transaction/privatisation of Services International Hotel is in its concluding stage, a meeting with the Punjab Cooperative Board for Liquidation (PCBL), National Insurance Company Limited (NICL) and Ministry of Commerce was held today to finalize the said auction by fulfilling the remaining formalities.

It was also briefed in the meeting, that for the sale of the remaining 17 federal government properties the summary for the approval of FAs would be placed before PC Board. The progress regarding House Building Finance and First Women Bank was also discussed, and the Ministry of Finance is leading the completion of BoD and chief executive, and the audited accounts of First Women Bank Limited for the year 2018-2020 are to be finalized.

For the privatisation of Heavy Electrical Complex, reference price would be placed before PC Board and subsequently to CCoP and Federal Cabinet. Federal Minister was briefed that the RFP for debt refinancing for National Power Parks Management Company Limited is finalized in consultation with stakeholders. The task of debt recapitalization and refinancing is expected to be completed in three months after the approval from CCoP and Cabinet and the issuance of EOI from NPPMCL. It was briefed that for the hiring of FAC for private sector participation in the management of DISCOs, the advertisement is published from the Ministry in national and international print media and the date for the same is extended up to November 30, 2021.

In the end, Federal Minister said that despite challenges we are to move ahead swiftly and consultation with line ministries/ divisions should be on a fast track basis to expedite the ongoing transactions and identification of new ones.

Press Release