ISLAMABAD: Federal Minister for Privatization, Mohammed Mian Soomro, chaired a privatization progress review meeting in the Ministry today. Federal Secretary Privatization and other senior officials of the Ministry and Privatization Commission attended the meeting.
Federal Minister was briefed about the progress regarding ongoing privatization program including Jinnah Convention Center (JCC), House Building Finance Corporation Limited (HBFCL), First Women Bank, Pakistan Steel Mills, Pak Re-insurance Corporation, NPPMCL and others. The entities that were discussed in the meeting are included in the active privatization list, and most of them are at advanced stages of privatization. Federal Minister was also briefed about the matters relating to Pakistan Steel Mills Corporation (PSMC), out of eight, six interested parties/ investors have submitted statement of qualification and after the approval of SoA with SECP the bidding is expected in March-April next year.
It was briefed that the minutes of CDA board meeting regarding the status of JCC are awaited to move forward. For the sale of remaining Federal Government Properties, the FASA terms are being discussed with top-ranked IP. The issues related to the divestment of up to 20% shares of Pak Re-insurance (PRCL) are being taken up with the Ministry of Commerce and PRCL and Federal Minister for Privatization will hold a meeting with Advisor to PM on Commerce, to discuss the matters related to the aforementioned divestment.
Federal Minister was briefed about the current status of House Building Finance Corporation (HBFCL), Ministry of Privatization will issue expression of interest (EOI) for investor after approval of summary regarding HBFCL Board of Directors (BoD) from PM and Cabinet; the summary has already been forwarded to PM office in this regard by Finance Division.
Moreover, the board meeting of First Women Bank was held and auditing firm has been appointed to complete the audit of three preceding years to complete the privatization. It was also briefed in the review meeting that the refence price options for Heavy Electrical Complex will be placed before Cabinet Committee on Privatization (CCoP), as the bidding/ transaction for HEC is to be completed in the upcoming month. The RFP, regarding initiation of the process for the replacement of GoP excess equity and loan through commercial borrowing has been finalized in consultation with stakeholders, to be initiated by NPPMCL.
The Federal Minister was also briefed about the transaction status of other entities including Pakistan Engineering Co. (PECO) State Life Insurance Corporation (SLIC), Sindh Engineering Limited (SEL), Guddu and Nandipur Powerplants. In the end, Federal Minister stated that privatization is a major part of current government’s economic reforms agenda, and urged all concerned to expedite the resolution of issues which might hinder the timely completion of these transactions. the Minister urged all to make all out efforts to resolve the related issues so the targets could be achieved in stipulated time and also in an efficient and effective manner.