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ISLAMABAD: Privatisation Minister Mohammed Mian Soomro Thursday chaired a review meeting at the ministry.

The federal minister said that a detailed meeting held with the prime minister about the current status of the privatisation process. Advisor to PM on Finance Shaukat Tarin was also present in the meeting.

In the meeting, it was discussed that the scope of privatisation will be increased from profitable to heavy loss-making SOEs, so the burden on government deficit could be reduced.

The federal minister further said that the prime minister assured assistance wherever required to expedite the process to meet the deadlines for the completion of the ongoing transactions.

PSM transaction: SOA, corporate actions on the agenda

It was briefed that the summary regarding the pricing mechanism of Pak re-insurance will be placed before the Cabinet Committee of Privatisation (CCoP), as the transaction committee in 2020, approved the transaction structure for divestment of up to the 20 percent share of the PRCL.

For the sale of remaining properties, the summary regarding financial advisors will be placed in the upcoming Privatisation Board meeting to proceed with the auction.

The minister was also briefed about National Power Parks Management Company Limited (NPPMCL).

The summary regarding the approval of debt-recapitalization from local banks will be placed before the CCoP in its next meeting. The Ministry of Privatisation recommended debt-recapitalization and refinancing through borrowing from local banks in order to replace the GoP's excess equity.

Senate panel briefed on privatization of 3 entities

The privatisation timelines of House Building Finance Corporation (HBFCL) are contingent upon the appointment/composition of the BoD, while the board of First Women Bank held its first meeting and the EOIs for investors will be published after the board approves the current year's financials.

For the revival of Pakistan Steel Mills, Statements of Qualification (SOQs) are being submitted from the reputed investors and the submission date has been extended till November 15th, 2021.

For the revival of DISCOs, the EOIs for the FACs were published last month.

The federal minister said that the matters regarding the reference price of Heavy Electrical Complex (HEC) are approved and process will be completed soon.

He also directed the privatisation team to expedite the completion of pending matters in order to meet the timelines of ongoing transactions.

Copyright Business Recorder, 2021

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