Govt committed to timely privatisation of SME Bank, Pak Reinsurance

ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Tuesday chaired a meeting of the Cabinet Committee on Privatization (CCOP) at the Cabinet Division, where he was given an update on the government’s privatization programme.

The committee was informed that the privatization process of the SME Bank Limited and Pak Reinsurance Co Ltd (up to 20pc divestment) was moving ahead in a relatively faster manner and that the process in this regard would be completed within the required timeframe.

On the revival of Pakistan Steel Mills, the CCOP directed the Privatization Commission to complete all the standard requirements in a regular but expeditious manner. The commission was further asked to update the government on any issues that may surface in the smooth running of the process.

On a proposal to privatize Guddu Power Plant (747 MW), the Ministry of Privatization briefed that they have received expressions of interest (EoIs) from financial advisers in this regard and that the parties have already been shortlisted for issuance of the request for proposals.

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Other issues related to the transaction were also discussed. CCOP directed that there was a need for further discussion on the project between NEPRA, Power Division and ministries of finance and privatization.

CCOP directed the commission to come up with a joint proposal in the next meeting so that the transaction process could be completed within the stipulated timeframe.

For divestment of shares in the Oil and Gas Development Authority (OGDCL), CCOP directed that the matter required further deliberation. The commission directed all the relevant stakeholders, including the Ministry of Energy, to come up with a presentation on the proposal in the next meeting.

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