Five state-owned entities recommended for privatization

ISLAMABAD: A meeting of the Privatization Board has recommended the transaction structures of five entities for approval by the Cabinet Committee on Privatization.

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

The transaction structures of five entities were recommended for approval including House Building Finance Corporation (HBFCL), Services International Hotel (SIH) Lahore, Jinnah Convention Center (JCC), and First Women Bank Limited (FWBL).

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

The federal minister urged that before placing these structures for CCoP and Cabinet, all required NOCs, documents, approval from Capital Development Authority (CDA), Pakistan Air Force (PAF) and other relevant ministries be completed.

In case of Jinnah Convention Center and Services Internation 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 twenty percent shares of Pakistan Reinsurance Company Limited was also approved by the board. Federal Minister Soomro urged that matters regarding subject transactions should be completed to avoid unnecessary delay.

He further added that the resultant cash flow will help the government in debt retirement. The update on the ongoing privatization of PSEs was also shared with board members, including two RLNG power plants, Pakistan Steel Mills, sale of federal government properties, etc.

Federal minister will meet heads of banks in Karachi and discuss matters regarding debt arrangement for the privatization of two RLNG power plants of National Power Parks Management Company Limited (NPPMCL).