Meeting reviews current status, progress in privatisation progress

Staff Reporter

Federal Minister Mohammedmian Soomro chaired a review meeting in the Ministry on Wednesday.

The current status and progress in privatisation of entities in the active privatisation list was reviewed.

The latest report regarding the progress made thus far in the transaction of SOEs was presented and various issues were discussed in detail.

These include Federal government properties across Pakistan, 23 out of 27 were auctioned last year; for the remaining unsold properties EOIs are already published for hiring the financial advisors.

For Heavy Electrical Complex five investors were prequalified and the transaction is most likely to be completed in the first quarter of the current FY, for Jinnah Convention Center the expected date of transaction completion is in the month of December this year.

The matters relating to SME, First Women Bank and House Building Finance Corporation are also taken up with the State Bank of Pakistan and other relevant forums; the board for first women bank is nominated which will update the financials and audit reports to proceed with the privatisation process.

The privatisation of Services International Hotel is at advanced stage; after the approval of the revised reference price for the Services International Hotel from the Cabinet, the process for the auction will be initiated.

The privatisation of National Power Parks Management Company Limited which is the major prospective transaction of the whole privatisation plan is also discussed in the meeting.

The most pressing issues associated with this complex transaction have been resolved including land conversion, draft scheme for the demerger of NPPMCL into two companies, water usage, and for those remaining are actively pursued. A sub-committee to that effect had also been constituted.

Federal Minister Mohammedmian Soomro said that NPPMCL is very important and we are consistently and minutely following the tracks which would lead us to the early completion of this transaction.

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