NA body on Privatization meets

ISLAMABAD: The 6th meeting of the Standing Committee on Privatization was held under the chairmanship of Syed Imran Ahmed Shah, MNA. The meeting was started with the recitation of the Holy Quran and proceeded with given Agenda.

The Committee unanimously confirmed the minutes of its 5th meeting held on 28th February, 2018, said a press release on Wednesday. The Minister of Privatization briefed the Committee regarding the implementation status of previous recommendations of the meetings held on 28th February, 2018.

He briefed regarding the procedural steps and recommendations made by the Financial Advisory Consortium (FAC) for Privatization of PIA and the steps had been taken up by the Ministry.

He briefed about the historical background of PIACL transaction, formational of restructuring and divestment strategy and its implementation (Phase-I), facilitating private sector partnership in the core operations of PIAC leading to successful closure of the transaction.

He briefed about the statutory provisions of PIAC (Conversion) Act, 2016. He briefed the restructuring plan of PIACL through which PIA Investment, Hotel, Real Estate etc. which shall be segregated from Aviation, Engineering, Landing & Handling, TES & Health Care and Flight kitchen.

He briefed regarding the core and non-core liabilities of PIACL and options/modes to implement this segregations. He briefed regarding the classification of assets and liabilities contemplated under Section 4 of PIAC (Conversion) Act.

He briefed about the current status of PIAC (Transaction) and the efforts for the extension of Advisor.

He also briefed about the decisions of CCoP regarding the transmission of scheme of Arrangement/Orders to PIACL, pursuant Section 4 of PIAC (Conversion) Act 2016, valuation of assets pertaining to Airline Business, advertisement Seeking Expression of Interest of Private sector partners, share holder agreement and PC to re-engage the services of Financial Advisors under the same terms and conditions. He briefed Privatization of Utility Stores Corporation is relevant to the Phase II of the Privatization of entity list, hence, the plan of Privatization of Utility Stores Corporation is not an active plan.

Therefore, the briefing regarding the Privatization of Utility Stores Corporation is not possible. The Committee appreciated the overall performance of Ministry and its briefing.

At this movement Ms. Munaza Hassan, MNA/Member dissented with the briefing of the Privatization of PIAC. The Committee decided that the Ministry shall brief regarding the Privatization of Pakistan Postal Services in its next meeting.

The MNA/Members Syed Imran Ahmad Shah, MNA, Choudhary Iftikhar Nazir, MNA, Ms. Shaheen Shafiq, MNA, Mr. Muhammad Riaz Malik, MNA, Malik Muhammad Uzair Khan, MNA, Ms. Maiza Hameed, MNA, Ms. Munaza Hassan, MNA, Dr. Imran Khattak, MNA, Mr. Abdul Waseem, MNA and Minister of Privatization attended the meeting. The senior officers from the Ministry of Privatization were also attended the meeting.