Caretaker Minister for Privatisation, Fawad Hasan Fawad on Monday chaired a meeting with the management of House Building Finance Company Limited (HBFC).
CEO HBFC, Imran Ahad apprised the minister on the recent performance of the company together with immediate and short term plans, said a press release issued here.
He said that the company had seen a significant turnaround in its financial health which was also reflected in the recent upgrade of credit rating by two scales to AA(-).
The HBFC has issued a total portfolio of Rs 18 billion with 14,000 active borrowers, he said adding that presently it covered only 0.03% market share with a manifold growth potential considering even the regional countries like India and Bangladesh.
It was decided that immediate steps, that can help the government to realise a fair asset value at the privatisation, need to be completed at the earliest including, but not limited to, reprofiling its real estate assets from residential to commercial wherever applicable and HR reform with particular emphasis on clearing up of the pension portfolio while bringing the employees to a market based wage system.
It was also agreed that efforts would be made to complete all necessary work by 15th December in consultation with financial advisor and Secretary, Privatisation Commission.