ISLAMABAD: The privatisation of Services International Hotel is in its concluding stage whereas a meeting the authorities concerned was held on Thursday with the Punjab Cooperative Board for Liquidation (PCBL), National Insurance Company Limited (NICL) and Ministry of Commerce to finalise the said auction by fulfilling the remaining formalities.
This was revealed during a meeting chaired by Federal Minister for Privatisation Muhammad Mian Soomro.
As per the details, the federal minister was briefed about ongoing transactions and the possible dates of their completion with consultation with line ministries to remove bottlenecks for the sale of selected entities.
A summary for the approval of financial advisors (FAs) to oversee the sale of the remaining 17 federal government properties would be placed before PC Board soon, the meeting was further told.
The progress regarding House Building Finance and First Women Bank was also discussed. The meeting was told that the Ministry of Finance is leading the audit of the First Women Bank for the year 2018-2020 which will be finalised soon.
For the privatisation of the Heavy Electrical Complex, a reference price would be placed before PC Board and subsequently to CCoP and federal cabinet.
Soomro was briefed that the RFP for debt refinancing for the National Power Parks Management Company Limited (NPPMCL) has been finalised in consultation with stakeholders.
The task of debt recapitalisation and refinancing is expected to be completed in three months after the approval from CCoP and Cabinet as well as the issuance of expression of interest (EOI) from NPPMCL.
It was briefed that for the hiring of FAC for private sector participation in management of DISCOs, an advertisement has been published in national and international print media with the deadline set at November 30.
