CCoP briefed on progress so far made to initiate privatization process of entities in active list

ISLAMABAD, Feb 13: The Cabinet Committee on Privatization (CCoP) here on Wednesday was briefed about the progress so far made on the privatization process of state-owned loss making entities which were on the active list of privatization.

These loss making entities include National Power Parks Management Company, SME Bank, divestment of government’s residual shares in Mari Petroleum Company, Services International Hotel, Lakhra Coal Development Company, Jinnah Convention Centre and First Women Bank Limited.

Finance Minister Asad Umar chaired the meeting whereas Minister for Privatization Mohamed Mian Soomro was also present on the occasion, said a press release.

The CCoP was also briefed on the follow-up action on decisions taken in the meeting held on October 31, 2018.

It was informed that in pursuance of the decision 15 public sector enterprises, including PIA, had already been delisted from the privatization programme. Senior officials of PIA apprised the committee regarding the current status and future prospects of Roosevelt Hotel, New York. The committee directed that a formal proposal in that regard might be finalized by June 2019.

The Commerce Division was also directed to fast track study, evaluation regarding insurance and reinsurance sector,(SLIC, NICL & Pak Re-Insurance Company)  along with the need for regulatory framework improvements, which should precede process of privatization. 

The Commerce Division would present its report in this regard to the CCoP by  March 31. The Petroleum Division was directed to expedite the work on regulatory framework for creation of competitive market place for gas sector.

(APP)