Federal Minister for Privatization Mohammedmian Soomro on Wednesday chaired a meeting to review the ongoing transactions of different state owned enterprises in order to turn these enterprises into profit oriented organizations for economic development of the country.
On this occasion, the Minister was also briefed about the current status of Heavy Electrical Complex (HEC), National Power Parks Management Company Limited (NPPMCL), Pak Re-insurance Company Limited (PRCL), DISCOs, Pakistan Steel Mills (PSM), House Business Finance Company Limited (HBFCL) and others.
It was discussed that the matter of issuance of National Security Clearance (NSC) for transfer of K-Electric’s shares to Shanghai Electric (SEP), China is held up, awaiting conclusion of Power Purchase Agreement (PPA) between K-E and Power Division.
Mohammed Mian Soomro also asked that for the urgent resolution of pending issues related to K-Electric, PRCL, issuance of NoC to PSMC by SSGCL and receivables of NPPMCL, meetings with stakeholders and line ministries be lined up on priority.
It was briefed in the meeting that the process for the debt-recapitalization has been initiated and banks are in the process of forming consortium for the purpose of lending to replace the government’s excess equity.
Regarding the privatization of HBFCL through the sale of up to 100 percent shares along with the management control, the minister was briefed that local and international investors, financial institutions are showing interest in HBFCL. Furthermore, the VDR for the due diligence of pre-qualified parties for the revival of PSMC will be opened soon. —APP
