Pak Re-Insurance Co Ltd: Pricing mechanism for divestment of GoP shares approved

ISLAMABAD: The Privatization Board (PC Board) approved pricing mechanism for divestment of GoP shares in Pak Re-Insurance Co Ltd.

The 9th Privatisation Commission, Board meeting of the current year was held on Tuesday under the chairmanship of the Federal Minister and Chairman Privatisation Mohammed mian Soomro.

Federal Secretary, Board members, senior officers of the ministry and financial advisors attended the meeting. Various important issues including hiring approval of financial advisor for Sindh Engineering Limited (SEL) transaction, approval of pricing mechanism for divestment of up to 20 percent of GoP shares in Pakistan Re-Insurance Co and update on the overall privatisation programme was discussed.

Divestment of PRCL shares: PC completely ready to approve 3 pricing options

In the meeting, pricing mechanism (floor price) for divestment of up to 20 percent GoP shares in Pakistan Re-Insurance Company Limited (PRCL) was presented for approval of the PC Board. After deliberations, the Board approved the proposed pricing mechanism and recommended it to the CCoP and the Federal Cabinet for final approval.

The Cabinet Committee on Privatisation (CCoP) and the federal cabinet have already approved the transaction structure for divestment of up to 20 percent shares of the PRCL. The Board also approved the appointment of financial advisor for transaction of Sindh Engineering Limited (SEL).

The overall update of the privatisation programme was also discussed in the board meeting. Soomro said that due to utmost struggle of the privatisation team and the government policies, the privatisation program is on a fast track. The Privatisation Commission will achieve its goal successfully according to the prime minister’s vision.

Copyright Business Recorder, 2021