CCoP directs Privatization Ministry to expedite the privatization process of public sector enterprises

August 8, 2019 (MLN): The Cabinet Committee on Privatization (CCoP) in its meeting held with Advisor to the Prime Minister on Finance & Revenue, Abdul Hafeez Shaikh in the chair today, directed the Ministry of Privatization to expedite the process of privatization of public sector enterprises approved for privatization and further advised the Ministry of Privatization to hire financial advisors for at least 10 PSEs before the next CCoP meeting.

The CCoP also empowered the Ministry of Privatization to select any 10 units and start forthwith the hiring of financial advisors, collectively or separately as per requirement, for the selected units.

Abdul Hafeez Shaikh said the government was committed to pursuing the privatization programme and assured the Ministry of Privatization full institutional backing and requisite resources to fast-track the privatization process. The Cabinet in its meeting held on 3rd June 2019 had already approved initiation of the process of hiring of Financial Advisors of the selected 32 properties.

The Ministry of Privatization gave a detailed presentation on the “Status of Overall Privatization” by telling the Committee that the privatization process started in January 1991 and a total of 172 transactions had been completed having fetched a total of Rs 649.3 billion for the national exchequer.

The committee was also briefed on the progress and pace of privatization of eight units being on the active list, including National Power Parks Management Co. Ltd (1223 MW Balloki Power Plant and 1230 MW haveli Bahadur Power Plant; Mari Petroleum Limited; SME Bank Limited; First Women Bank Limited; Services International Hotel Lahore; Jinnah Convention Centre Islamabad; Lakhra Coal Mines (now Lakhra Coal Development Company) and Pakistan Steel Mills (revival of entity).

On the request of the Ministry of Maritime Affairs CCoP also approved the delisting of Pakistan National Shipping Corporation, Port Qasim Authority and Karachi Port Trust from the Privatization Program due to the strategic importance and profitability of these entities.