ISLAMABAD – In a significant move to reinvigorate its privatisation agenda, the Privatisation Commission board has approved crucial measures for the potential government-to-government sale of First Women Bank Limited (FWBL) to a UAE-nominated entity and for the disposal of two major power distribution companies.
Chaired by Muhammad Ali, the board in its 240th meeting recommended a reference price for FWBL to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT). This step formally paves the way for negotiations under the Inter-Governmental Commercial Transactions Act of 2022, bringing the potential sale of the majority state-owned bank one step closer to conclusion.
A successful transaction is anticipated to inject fresh foreign direct investment and bolster international confidence in Pakistan's economic reforms, the Commission stated.
In a parallel decision to accelerate the broader privatisation programme, the board also selected a consortium led by Raiffeisen as the preferred bidder to act as financial advisor for the sell-off of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO). A dedicated committee has been formed to finalise the advisory agreement.
The government, which holds an 82.64% stake in FWBL, is pursuing these sales under a framework emphasising transparency and efficiency to strengthen the country's economic outlook and attract sustainable investment.
