Govt expands privatisation push with six new state-owned entities

ISLAMABAD: The government is widening its privatization drive, adding six state-owned entities to the list of companies slated for sale, a statement from the Privatisation Commission said on Thursday.

The entities discussed during a meeting of the Privatisation Commission Board, led by Minister for Privatisation, Investment, and Communication, Abdul Aleem Khan, include Postal Life Insurance Company Limited (PLICL), Zarai Taraqiati Bank Ltd., Utility Stores Corporation (USC), Jamshoro Power Company Limited (GENCO-I), Lakhra Power Generation Company Limited (GENCO-IV), and Hazara Electric Supply Company (HAZECO).

The meeting deliberated on recommendations from ministries, with twenty-one entities suggested for inclusion, fifteen of which are already active on the list. While many state-owned enterprises (SOEs) were deemed strategic and essential by ministries, the Board emphasized that the final decision rests with the Cabinet Committee on State-Owned Enterprises (CCoSOE). Ministries were directed to present their recommendations to CCoSOE for further consideration.

In response to stakeholder requests, the Board extended the submission deadline for interests in the divestment of Pakistan International Airlines Corporation Limited (PIACL). The Privatization Commission has extended the deadline for submission of Letters of Intent (LoIs) by 15 days to May 18.

Furthermore, the Board approved the submission of recommendations from Federal Ministries for the Privatisation Programme (2024-2029) to the Cabinet Committee on Privatisation (CCoP). Alongside this, proposed amendments to the PC (Hiring of Financial Adviser) Regulations of 2018 were endorsed. These amendments aim to expedite the appointment process for financial advisors, thereby enhancing efficiency and expediting transaction timelines within the privatization framework.