September 23, 2020: Federal Minister for Privatization Mohammedmian Soomro chaired the Privatization Board (PC) meeting today in Islamabad. Privatization board members and senior officials of the Ministry attended the meeting.
In the meeting various matters relating to Pakistan Steel Mills, Heavy Electrical Complex (HEC) and House Building Finance Corporation Limited (HBFCL) were discussed.
The Meeting started with the approval of the minutes of the previous board meeting and the discussion regarding transaction structure for the privatisation of Heavy Electrical Complex (HEC) ensued after that. The matter regarding the review of the privatisation of House Building Finance Corporation Limited, as per the decision of Federal Cabinet was deliberated upon. The PC Board unanimously decided that the matter may be placed before the CCOP for consideration.
The transaction structure for the Privatisation of Heavy Electrical Complex (HEC) was unanimously approved by the board members before its passage to CCOP. The decision; which would finally be approved by the CCOP and subsequently ratified by the Federal Cabinet; pertains to the divestment of 96.6% government shares of HEC.
In today’s Board meeting transaction structure for the revival of Pakistan Steel Mills (PSMC) was further discussed, before taking it to the Cabinet Committee on Privatisation (CCOP) the other details were thoroughly discussed as the CEO PSMC was also present in the meeting. PSM is not operational since June 2015.
Privatization Commission is fully geared up for achieving its specified objectives. This is the seventh transaction approved since the start of the Privatization plans adopted in October 2018 and Privatization Commission will be focusing to complete these transactions successfully along with other transactions which are currently in process.
The transaction structure(s) approved by the Board of Privatisation Commission will be presented to the cabinet Committee of Privatisation (CCOP) for their approval in the next few days.