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July 23, 2020

Five PSEs recommended for privatisation

Business

July 23, 2020

ISLAMABAD: The Privatisation Commission Board recommended transaction structures of five state-owned entities to Cabinet Committee on Privatisation for approval.

These proposed transactions include House Building Finance Corporation, Services International Hotel, Lahore, Jinnah Convention Center, and First Women Bank Limited.

Minister for Privatization Mohammedmian Soomro chaired the board meeting. Federal Secretary Privatization, PC board members and senior officials of the ministry attended the meeting.

The transaction structures/models will now be placed before the Cabinet Committee on Privatization and subsequently before the federal cabinet.

Minister said all required no-objection certificates, documents, approval from and other relevant ministries should be positively sought/completed before placing these structures for CCoP and cabinet.

In case of Jinnah Convention Center and Services Int’l Hotel Lahore, the status of these entities will be converted into commercial from amenities for the highest possible valuation. The subject conversion proposal will be submitted for approval of the federal cabinet. Furthermore, the divestment of 20 percent shares of Pakistan re-insurance Co. Ltd was also received nod from the board. Soomro said the matters regarding subject transactions should be completed steadily to avoid unnecessary delay in the completion of these transactions. He further said the resultant cash flow will help the government in debt retirement.

The update on the ongoing privatisation of public sector enterprises was also shared with board members, including two re-gasified liquefied natural gas-based power plants, revival of Pakistan Steel Mills and sale of federal government properties etc.

Soomro along with the board members were scheduled to meet with heads of banks in Karachi. The meeting was to discuss the matters regarding debt arrangement for the privatization of two RLNG power plants of national power parks management company Ltd.