There are up to 21 Public Sector Entities (PSE) on the active privatisation list. This includes 10 energy sector entities consisting of 2 power plants and 8 regional electric supply companies. The rest belong to the real estate, financial, and industrial sectors, with the Heavy Electrical Complex’s (HEC) privatisation process having reached near completion in February.
Among these are a number of PSE’s that face frequent blockades to smooth sailing processes. At times, this has meant the delisting of certain entities which have been placed on the privatisation list and after months of work, progress comes to halt usually owing to bureaucratic entanglement.
The decades-long delay in the privatisation programme of the First Women’s Bank Limited (FWBL) was covered by Profit earlier and can be read here. In September 2021, the State Life insurance Company (SLIC), which was added to the privatisation list in 2016 was delisted in its final stages when the Senate Standing Committee on Commerce proposed some amendments. According to sources at the Privatisation Commission (PC), the divestment plan for 20 per cent shares of the Pakistan Reinsurance Company Limited (PRCL or PakRe) awaits a similar fate.
In addition, the Jinnah Convention Centre (JCC) in Islamabad has also come to an impasse after becoming close to its final stages in the privatisation process.
Pakistan Reinsurance Company Limited
Formerly called the Pakistan Insurance Corporation (PIC), Pakistan Reinsurance Company Limited was established in 1952 as Pakistan Insurance Corporation under PIC Act 1952 to facilitate the local insurance industry. It is a public sector company under the administrative control of the Ministry of Commerce and is the sole reinsurance organisation operating in Pakistan. By way of which, all insurance companies in Pakistan are mandated to offer 35 percent of its reinsurance business to PRCL. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
Privatization and Pakistan are a shot in the dark. Salams
Privatisation and Pakistan are a shot in the dark. Salams
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