CCoP approves Rs1.25bn budget for privatization commission

July 11, 2023 (MLN): The Cabinet Committee on Privatization (CCoP) approved a summary related to Budget estimates of the Privatization Commission for Fiscal Year 2023-24 to the tune of Rs1.25 billion, among other decisions, in a meeting chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar yesterday.

According to the latest press release issued, the meeting discussed the privatization process of various entities, including Services International Hotel, House Building Finance Company Ltd, Pakistan Engineering Company, Sindh Engineering Limited, and Roosevelt Hotel.

The CCoP after a detailed discussion allowed Privatization Commission to proceed toward the successful conclusion of the SIH transaction with the completion of the transfer/mutation process in the name of the purchaser.

The Privatization Commission also presented a summary on privatization of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder.

After detailed deliberations, CCoP decided to allow Privatization Commission to proceed with single source/negotiated transaction for Privatization of HBFCL with sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL).

The Privatization Commission also presented summaries on privatization of Pakistan Engineering Company (PECO) and privatization of Sindh Engineering Limited (SEL) and briefed the meeting on their status.

The CCoP after discussion deferred both summaries with directions that Secretary Privatization Commission, Secretary Law & Justice, and Secretary Industries & Production may hold mutual consultations and come up with future course of action in both cases.

The Privatization Commission also updated the CCoP on the status of privatization process of Roosevelt Hotel. The CCoP after discussion deferred the summary with direction to submit an update on the privation of Roosevelt Hotel after consultation with Aviation Ministry.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Privatization / Chairman Privatization Commission Mr. Abid Hussain Bhayo, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, Federal secretaries, and senior officials attended the meeting.

Copyright Mettis Link News