Prime Minister Shehbaz Sharif has pushed towards the provincialisation of at least one power Distribution Company (Disco) in each province to boost efficiency, a proposal set to be presented before the Council of Common Interests (CCI).
In a strategic move to advance the privatisation agenda, the Prime Minister chaired a pivotal meeting on February 8, 2023, focusing on the privatisation roadmap, including major state-owned entities such as Pakistan Steel Mills (PSM), National Power Parks Management Company Limited (NPPMCL), and several others.
During the meeting, which also discussed the privatisation progress of entities like the Heavy Electrical Complex (HEC) and the First Women Bank (FWB), the Prime Minister directed the Privatisation Commission (PC) to accelerate the process by quickly hiring Financial Advisors for the listed State-Owned Enterprises (SOEs).
Furthermore, the PC has been tasked with re-engaging the sole pre-qualified bidder for PSM, with the Bank of China and China-Pak Investment Company advising on the negotiation strategy to maintain bidder interest.
The government is also focusing on resolving outstanding issues to facilitate the privatisation of PSM, including obtaining necessary clearances and resolving litigation matters.
For NPPMCL, the Prime Minister has instructed the sharing and review of valuation data to streamline the divestment process, with special emphasis on finalizing transaction structures under a government-to-government (G2G) arrangement.
The privatisation efforts extend to the Heavy Electrical Complex (HEC) and the House Building Finance Corporation (HBFC), with deadlines set to resolve land-related matters and to pre-qualify investors, respectively.
The Finance Division has been directed to expedite the issuance of audited financial accounts for the First Women Bank Ltd, stalled since 2019, to kickstart its marketing and privatisation.
