Govt to invite expression of interests for HBFCL, JCC, FWB next month

ISLAMABAD: The government on Thursday decided to invite expression of interests from investors for the privatisation of state-owned House Building finance Corporation (HBFCL), Jinnah Convention Centre (JCC) and First Women Bank (FWB) by the mid of next month.

The Privatisation Commission Board approved the committees for the pre-qualification of the potential bidders, while deciding to issue expression of interests for the entities by mid-February.

The decisions were taken during a meeting presided over by Minister for Privatisation Mian Soomro. Secretary Privatisation, board members and senior officials of the privatisation ministry attended the meeting.

The board was briefed about the latest progress made in the transactions of HBFCL, JCC and FWB, which are at advanced stages. Cabinet Committee on Privatisation has already approved the transaction structures of the entities.

The meeting was informed that the financial advisers are presently engaged in soft marketing to attract the investors’ interest. The board gave its consent regarding the pre-qualification committees of all three entities.

The board discussed in detail the decision of the cabinet committee on privatisation that Power division and ministry of privatisation should expedite the privatisation/management contract of power distribution companies and submit an implementation plan.

Moreover, power division indicated that objectives for privatisation of power distribution companies would soon be furnished to the Privatisation Commission.

The meeting was given presentation regarding the update in the transaction of public sector enterprises, which are to be privatised during this year.

It was briefed that the consensus of the stakeholders regarding the take or pay issues in the privatisation of National Power Parks Management have been reached and the concerned divisions would submit summary to the cabinet committee.

The board was briefed about the status of SME bank, Services International Hotel, Jinnah Convention Center, and Heavy Electrical Complex. The privatisation of these entities will be completed during current fiscal year.

Moreover, the board was intimated that the transactions of 23 government-owned properties would be completed by the end of next month and payments are being received.