The Privatization Commission Board has approved the start of the process to hire financial advisors (FAs) for the privatisation of Zarai Taraqiati Bank Ltd (ZTBL) and the Utility Stores Corporation (USC).Â
ZTBL, Pakistan’s leading agricultural development bank, and Utility Stores Corporation, a state-owned retail chain, have long been earmarked for privatisation. The hiring of financial advisors will facilitate the necessary technical and financial evaluations to move these transactions forward.
The decision was taken during a meeting chaired by Minister for Privatization, Abdul Aleem Khan. The board agreed to select financial advisors from a pre-qualified panel, aiming to ensure transparency in the process.Â
As per media reports, the requests for proposals (RFPs) would soon be sent to the shortlisted advisors, who will then submit reports for evaluation. These reports will help in selecting financial advisors for the transactions.
Despite the progress, uncertainty surrounds USC’s future. At a recent Senate Standing Committee meeting, officials from the Ministry of Industries and Production expressed confusion about whether the USC would be privatised or restructured, leaving its employees and stakeholders unclear about its direction.
The board also reviewed the hiring of financial advisors for private sector participation in three electricity distribution companies (DISCOs)—Gujranwala Electric Power Company (Gepco), Faisalabad Electric Supply Company (Fesco), and Islamabad Electric Supply Company (Iesco). These companies have been grappling with financial difficulties, and privatisation is seen as a potential solution for improving efficiency.
