ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has directed the Ministry of Privatisation to expedite the process of privatisation of the already approved public sector enterprises and to hire financial advisers for at least 10 PSEs before the next CCoP meeting.
The meeting of the CCoP, held with Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh in the chair, empowered the Ministry of Privatisation to select any 10 units and start forthwith the hiring of financial advisors, collectively or separately, as per the requirement for the selected units.
Hafeez Shaikh said the government was committed to pursuing the privatisation programme and assured the Ministry of Privatisation full institutional backing and requisite resources to fast-track the privatisation process.
The cabinet, in its meeting held on 3rd June 2019, had already approved the initiation of the process of hiring financial advisors for the selected 32 properties.
The Ministry of Privatisation gave a detailed presentation on the “Status of Overall Privatisation” by informing the committee that the privatisation process started in January 1991, and a total of 172 transactions had been completed, fetching a total of Rs649.3 billion for the national exchequer.
The committee was also briefed on the progress and pace of privatisation of eight units being on the active list, including National Power Parks Management Co Ltd (1,223MW Balloki Power Plant and 1,230MW Haveli Bahadur Power Plant); Mari Petroleum Limited; SME Bank Limited; First Women Bank Limited; Services International Hotel in Lahore; Jinnah Convention Centre, Islamabad; Lakhra Coal Mines (now Lakhra Coal Development Company) and Pakistan Steel Mills (revival of the entity).
On the request of the Ministry of Maritime Affairs, the CCoP approved the delisting of Pakistan National Shipping Corportation, Port Qasim Authority and Karachi Port Trust from the privatisation programme owing to strategic importance and profitability of these entities.
What a shame!