ISLAMABAD, January 19: Federal Minister forPrivatisationMohammedmianSoomro chaired a comprehensive review meeting regarding the ongoing privatisation program in Islamabad. Senior officials of the Ministry attended the meeting.
Federal Minister was briefed about the entities from financial, industrial and power sectors on the active privatisation list. For the sale of remaining Federal Government Properties, the FASA has been signed with M/s HLB ljazTabassum& Co. on December 28, 2021. For the divestment of 20% of government shares in Pakistan re-insurance Co. Ltd. the SLIC Management/ Ministry of Commerce has yet to confirm that they do not intend to divest 24.4% shareholding of SLIC in PRCL, to maintain strategic shareholding of Government of Pakistan in PRCL. The requisite information is awaited to proceed with the reevaluation of PRCL shares by financial advisors, which subsequently will be approved by PC Board and CCOP.
It was briefed that the EOIs for House Building Finance Company Ltd. (HBFCL) have been published and some parties have indicated their intention for submitting EOI, however the deadline is January 31, the privatisation process is likely to be completed in June this year. The updated matter relating to the Heavy Electrical Complex (HEC) will be placed before the upcoming Privatisation Board meeting. The PC Board will also consider the pre-qualification of investors for Pakistan Steel Mills. The buyers’ side due diligence and opening of Virtual Data Room (VDR), which will be opened after approval of pre-qualification. For proceeding with the privatisation of Sindh Engineering Limited (SEL), there are certain prior actions which are to be completed by the Ministry of Industries and Production including constitution of SEL board, valuation of assets, latest financials and other matters related to the land, the Privatisation Board has already approved the hiring of financial advisors for the transaction of Sindh Engineering Limited.
Federal Minister was also briefed about the status of National Power Parks Management Company Limited (NPPMCL) for which the scheme of commercial borrowing has been approved by CCoP to replace the government’s excess equity. Following the approval of CCoP, the company’s management was furnished with draft EOI and RFP for approval. The NPPMCL Board, in its meeting held on 17 January, accorded approval for proceeding further. The process of re-financing will take about three months based on the response from the banks. – PR
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