Federal Minister for Privatization, Muhammad Mian Soomro, reviewed on Thursday the progress made so far in the privatization of state-owned entities including the National Power Parks Management Company Limited and the Services International Hotel, Lahore.
According to details, the Federal Minister was briefed on the status of transactions and the possible dates of completion of the transaction processes.
In his remarks, the Minister said, “despite challenges, we are to move ahead swiftly.” He stressed that consultations with the relevant Ministries/Divisions should be frequently held to expedite the ongoing transactions and identify new ones. He noted that privatization is a complex process where consultation with line Ministries was necessary to remove the bottlenecks in a hassle-free sale of entities.
It is worth mentioning here that the privatization of Services International Hotel is at present at its concluding stage. A meeting of the Punjab Cooperative Board for Liquidation (PCBL), National Insurance Company Limited (NICL), and the Ministry of Commerce was held on Thursday to make progress on the said auction by fulfilling the remaining formalities.
The Minister was further apprised that a summary would be placed for the sale of the remaining 17 federal government properties. Besides, the progress on House Building Finance and First Women Bank was also discussed in the meeting, in addition to a discussion on the privatization of the Heavy Electrical Complex.
The Federal Minister was briefed that the request for proposal regarding debt refinancing for NPPMCL was finalized in consultation with the stakeholders, while the task of debt recapitalization and refinancing was expected to be completed in three months.
Moreover, the Minister was informed of the steps being taken for hiring a Financial Advisory Consortium for private sector participation in the management of DISCOs. He was told that an advertisement was published in this connection, followed by an announcement of extension in the deadline for submission of applications till November 30, 2021.