Various state-owned entities: PC sets new dates for completion of sell-off

ISLAMABAD: The Privatisation Commission has set new dates for completion of privatisation of various state-owned entities in the current financial year to meet the budgetary target of Rs 252 billion. Federal Minister for Privatisation Mohammed-mian Soomro chaired the weekly privatisation review meeting here on Thursday.

The focus of the meeting was on the progress so far made in the transaction of various entities to be privatised. The federal minister was briefed about that the hiring of financial advisors for the sale of remaining properties has been initiated as the EOIs to that effect had already been published.

The expression of interest for the open bidding/auction of Services International Hotel, Lahore are going to be invited in the first week of August, 2021. The transaction is likely to be completed in the first week of September. Moreover, the transaction of the NPPMCL is also pursued and a series of meetings with stakeholders are held on almost a daily basis to resolve the debt and equity matters.

For that purpose, a plan of action is already agreed upon regarding debt-refinancing for the plant from local commercial banks. The transaction of Jinnah Convention centre is underway, the pre-qualification of bidders is completed and PC is moving ahead and also meeting with CDA, completion of this transaction is expected by the end of this year.

The meeting reviewed the difficulties being faced in the privatisation process of SME, HBFCL, and First Women Bank Limited. The summary regarding transaction detail of the Pakistan Steel Mills (PSM) would be presented before the CCoP in its next meeting. In the end the current status regarding the privatisation of DISCOs was also discussed.

Copyright Business Recorder, 2021