ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has decided to delist the Mari Petroleum Company Limited (MPCL) from the list of privatisation.
The CCoP meeting presided over by Minister for Finance and Revenue Shaukat Tarin, on Friday, discussed the proposal for divestment of government’s shares in Mari Petroleum Company Limited.
After a comprehensive deliberation, the committee decided that Mari Petroleum Company Limited may be omitted from the list of privatisation.
The CCoP discussed the proposal submitted by the Privatisation Division for debt recapitalisation and refinancing of government excess equity and the PDFL loan through commercial borrowing of the National Power Park Management Company Limited (NPPMCL).
The committee approved the proposals that the NPPMCL would initiate debt recapitalisation and refinancing process as per Companies Act, 2017, and all government stakeholders to jointly support the NPPMCL to implement and execute the process of debt recapitalisation and refinancing from local banks.
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The meeting also directed to revisit the interest rate of K +1.80 percent through competitive bidding.
The CCoP also discussed the summary for the privatisation of Guddu Power Plant and Nandipur Power Plant and directed the Ministry of Energy for obtaining decision of the Cabinet Committee on Energy (CCoE) for the privatisation of above two power plants.
The Privatisation Division and the Ministry of Energy were further directed to prepare and share the roadmap for the valuation of the assets of these power plants and modus operandi for transfer of assets.
The CCoP discussed the summary for the privatisation of the SME Bank Limited and delisting of the SME Bank Limited from the Privatisation Commission.
The meeting, after detailed discussion, constituted a committee under the chairmanship of the finance minister and representatives from the SBP, the SECP, the Finance Division, and the Privatisation Division to evaluate alternative options for proceeding further
The meeting was attended by Federal Minister for Privatisation Muhammadmian Soomro, Minister for Energy Hammad Azhar, secretary Finance Division, secretary Privatisation Commission, and secretary Petroleum Division.
Copyright Business Recorder, 2022
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