PC board approves hiring of financial advisors for sale of govt properties

Soomro stresses adherence to timeline for ongoing transactions

ISLAMABAD: The Privatisation Commission (PC) board has unanimously approved the hiring of financial advisors to oversee the sale of 17 properties owned by the federal government. 

As per the details, Federal Minister for Privatisation Mohammad Mian Soomro chaired  a meeting in this regard here on Thursday wherein matters related to the sale of remaining federal government properties including the reference price approval of Heavy Electrical Complex (HEC), transactions including SME Bank, and divestment of GoP shares in Pak Reinsurance Company Limited (PRCL) were discussed.

The board also considered reserve price computation under discounted cash flow (DCF) as well as market multiple and adjusted Net Asset Book Value (NAV) modes allowed under Privatisation Commission (Valuation of Property) Rules 2007. 

Regarding the divestment of 20 per cent shares of Pak Reinsurance Company Limited (PRCL), the Board was apprised that papers of Offer for Sale Document (OFSD) are being obtained from the management of PRCL to approach SECP for seeking permission in this regard.

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Once these actions are completed, the opinion of CCoP will be solicited for the determination of share price to proceed for divestment, the meeting was informed.

Mian Soomro stressed that the timeline for the ongoing transactions shall be strictly followed and issues emanating during the process shall were to be taken up with relevant ministries on priority basis.

 

 

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