PC Board approves pricing mechanism for divestment of GoP shares

ISLAMABAD: The Privatisation Commission Board approved the pricing mechanism for divestment of government of Pakistan shares in Pak Re-Insurance company.

The 9th meeting of the PC Board was held on Tuesday in Islamabad, under the chairmanship of the Federal Minister and Chairman Privatisation Mohammad Mian Soomro. Federal Secretary, Board members, senior officers of the Ministry and Financial Advisors attended the subject meeting.

Various important issues including hiring approval of Financial Advisor for Sindh Engineering Limited (SEL) transaction, approval of pricing mechanism for divestment of up to 20 per cent of GoP shares in Pakistan Re-Insurance Co. and update on the overall privatisation program was discussed.

In the meeting pricing mechanism (Floor Price) for divestment of up to 20pc GoP shares in Pakistan Re-Insurance Company Limited (PRCL) was presented for approval of the PC Board. 

After deliberations, the Board approved the proposed pricing mechanism and recommended it to the CCoP and Federal Cabinet for final approval. 

The Cabinet Committee on Privatisation (CCoP) and the Federal Cabinet have already approved the transaction structure for divestment of up to 20pc shares of PRCL.

The Board also approved the appointment of a Financial Advisor for the transaction of  Sindh Engineering Limited(SEL).

The overall update of the privatisation program was also discussed in today’s board meeting.  

Mian Soomro said that due to the utmost struggle of the Privatisation team and government policies the privatisation program is on the fast track. The Privatisation Commission will achieve its goal successfully according to the Prime Minister ‘s vision.