ISLAMABAD: The Privatisation Commission Tuesday signed Financial Advisory Services Agreement (FASA) with a Financial Advisor Consortium (FAC) for auction of the government properties.

The Cabinet Committee on Privatisation (CCoP) in its meeting held on March 18, 2021, as ratified by Federal Cabinet on April 1, 2021, decided to initiate auction of the remaining 17 available federal government properties (the first phase of the sale of identified properties ended in September 2020).

Accordingly, the Privatisation Commission Board directed to initiate the hiring process for a financial adviser under the Privatisation Commission Ordinance, 2000 for sale of these 17 federal government properties.

Advertisement inviting Expression of Interest (EOI) for hiring of financial adviser was published in national print media and after scrutiny of interests by the evaluation committee, the Request for Proposal (RfP) packages were issued to shortlisted parties for submitting technical and financial proposals.

Govt received 100 percent amount of 9 privatized entities

The results of the technical and financial proposals were deliberated and approved by the PC Board on 25th November 2021 and a committee was constituted to negotiate Financial Advisory Services Agreement (FASA) with top-ranked party ie, the Consortium of M/s HLB Ijaz Tabassum and Co, Chartered Accountants (Lead), HLB Consulting (Pakistan) (Pvt) Ltd, Vellani and Vellani, and Ocean Surveyors (Pvt) Ltd.

The negotiation committee in its meeting held on December 14, 2021, finalised the terms and conditions of the FASA with the Consortium of M/s HLB Ijaz Tabassum and Co.

After approval of the federal minister/chairman PC, the FASA has been signed on December 28, 2021 with Financial Advisor Consortium (FAC).

The small ceremony was chaired by the secretary Privatisation Commission who urged on diligent performance of financial advisors’ duties under the FASA and timely completion of the transaction.

Copyright Business Recorder, 2021