January 21, 2021: Federal Minister for Privatization Mohammed Mian Soomro chaired the Privatization Commission (PC) Board meeting today in Islamabad. Federal Secretary Privatization, board members and senior officials of the Ministry attended the meeting.
The Board was briefed about the latest progress made in the transactions of House Building Finance Corporation (HBFCL), Jinnah Convention Center (JCC), and First Women Bank (FWB) which are at advanced stages. The transaction structures of said entities have already been approved by the CCoP/Cabinet.
The Board today approved the committees for the pre-qualification of the potential bidders. EoIs for these entities are planned to be issued by mid-February 2021. The Financial advisors are presently engaged in soft marketing to attract the investors’ interest. The PC board gave its consent regarding the pre-qualification committees of all three entities.
The Board discussed in detail the decision of the Cabinet Committee on Privatisation (CCoP) that Power Division and Ministry of Privatisation to expedite the privatization/ management contract of DISCOS and submit an implementation plan, which was discussed by the PC Board meeting in detail. Moreover, Power Division has indicated that objectives for the privatization of DISCOs will also be furnished to PC shortly.
The Board was given a presentation regarding the update in the transaction of PSEs which are to be privatized during this year. It was briefed that the consensus of the stakeholders has been reached regarding the take or pay issues in the privatization of National Power Parks Management Co. Ltd (NPPMCL), and the concerned divisions will submit a summary to CCoP accordingly. Moreover, the Board was briefed about the status of SME bank, Services International Hotel (SIH), Jinnah Convention Center (JCC), and Heavy Electrical Complex (HEC). The privatization of these entities will be completed during the current FY.
Moreover, the board was intimated that government-owned properties have the transaction of 23 properties will be completed by the end of next month and payments are being received.
Federal Minister and Chairman Privatisation Board, Mohammed Mian Soomro said that we are focused on achieving the desired targets within time. He also said that through the privatization of PSEs, the government wants to bring efficiency in various sectors along with revenue generation for debt retirement and poverty alleviation.
The Board approved the minutes of the previous meeting.
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