Privatisation minister reviews privatisation programme

-The active privatisation list includes companies from the financial, industrial and power sectors

ISLAMABAD: The Federal Minister for Privatization Mohammed Mian Soomro on Wednesday chaired a comprehensive review meeting in Islamabad regarding the ongoing privatisation program. 

During the meeting, the Privatisation Commission (PC) informed that the Ministry of Commerce (MoC) is yet to decide whether State Life Insurance Company (SLIC) will divest its 24.4 per cent shareholding in Pakistan Reinsurance Company Ltd (PRCL).

The MoC is yet to approve the re-evaluation of PRCL shares by financial advisers. The decision will subsequently be approved by PCs board and the Cabinet Committee on Privatisation (CCoP). The government plans to divest 20 per cent of its shares in PRCL.

The active privatisation list as discussed in the meeting includes companies from the financial, industrial and power sectors.

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Further it was discussed that an expression of interest for House Building Finance Company Ltd (HBFCL) has been published and some parties have indicated their intention to submit applications. The deadline to submit applications for HBFCL is January 31, 2022, while the privatisation process is likely to be completed by June 2022.

In addition the meeting also discussed matters relating to the Heavy Electrical Complex (HEC) which will be discuss further during the upcoming meeting of the PC board. The PC board will also consider the pre-qualification of investors for Pakistan Steel Mills.

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