Federal Minister for Privatization Mohammed Mian Soomro chaired the Privatization Commission (PC) Board meeting here today.
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 Cabinet Committee on Privatization (CCOP). The Board today approved the committees for the pre-qualification of the potential bidders.
Expressions of Interest (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 CCOP that Power Division and Ministry of Privatization to expedite the privatization/ management contract of distribution companies (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 public sector enterprises (PSEs) which are to be privatized during this year.
It was briefed that the consensus of the stakeholders has been reached at 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 fiscal year.
Moreover, the board was intimated that the transaction of 23 government-owned properties will be completed by the end of next month and payments are being received.
Federal Minister and Privatisation Board Chairman, Mohammed Mian Soomro said that they 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. Federal Secretary Privatization, board members, and senior officials of the Ministry attended the meeting.