Progress in Privatization of PSEs reviewed in meeting

June 24, 2020: An important meeting about the privatization of entities in active list held today under the chairmanship of Federal Minister/ Chairman Privatization, Mohammedmian Soomro here in Islamabad. Federal Secretary Privatization, DGs, Transaction Managers, Financial advisors, and others attended the important meeting.

Federal Minister sought progress in the privatization of various PSEs. The matter relating to the two power plants of National Power Parks Management Company Ltd. (NPPMCL) were discussed, Minister was told that the project document of the said transaction is in its final stages and likely to be completed soon. The Minister directed the concerned that the all legal and administrative issues related to the privatization of these power plants be completed without further ado, he further added that after the lift of travel ban by the travel advisory in August the subject transaction would be finally executed.

It is also pertinent to mention that there have been eight consecutive transaction committee meetings of Pakistan Steel Mills (PSM), since last week to discuss and finalize the transaction structure of PSM and is likely to be agreed upon soon.

Moreover, the transaction structures of First Women Bank Limited, Jinnah Convention Center, SME Bank and Services international Hotel would be finalized in the first week of July 2020.

Federal Minister directed that the work on the PSEs included in the active privatization list should be completed on priority, he also directed that the opinion of PC board members should also be sought wherever needed to avoid delay.

Federal Minister reiterated that we are committed to strengthening our economy according to the vision of Prime Minister in the best interest of Pakistan and its people. The next review meeting will be held within a week.

Press Release