Minister for Privatisation chairs Weekly Privatisation Review Meeting

ISLAMABAD, December 15: Federal Minister for Privatisation, Mohammedmian Soomro chaired a Privatisation progress review meeting in the Ministry today. Federal Secretary Privatisation and other senior officials of the Ministry and Privatisation Commission attended the meeting.
Federal Minister was briefed about the progress regarding ongoing privatization program including Jinnah Convention Center (JCC), House Building Finance Corporation Limited (HBFCL), First Women Bank, Pakistan Steel Mills, Pak Re-insurance Corporation, NPPMCL and others. The entities that were discussed in the meeting are included in the active privatisation list, and most of them are at advanced stages of privatisation.
Federal Minister was also briefed about the matters relating to Pakistan Steel Mills Corporation (PSMC), out of eight, six interested parties/ investors have submitted statement of qualification and after the approval of SoA with SECP the bidding is expected in March-April next year. It was briefed that the minutes of CDA board meeting regarding the status of JCC are awaited to move forward. For the sale of remaining Federal Government Properties, the FASA terms are being discussed with top-ranked IP. The issues related to the divestment of up to 20% shares of Pak Re-insurance (PRCL) are being taken up with the Ministry of Commerce and PRCL and Federal Minister for Privatisation will hold a meeting with Advisor to PM on Commerce, to discuss the matters related to the aforementioned divestment.
Federal Minister was briefed about the current status of House Building Finance Corporation (HBFCL), Ministry of Privatisation will issue expression of interest (EOI) for investor after approval of summary regarding HBFCL Board of Directors (BoD) from PM and Cabinet; the summary has already been forwarded to PM office in this regard by Finance Division. Moreover, the board meeting of First Women Bank was held and auditing firm has been appointed to complete the audit of three preceding years to complete the privatization. PR