Privatisation Process Running Steadily and Cautiously- Muhammedmian Soomro

Islamabad, March 27, 2020

Despite dire situation of lockdowns and non connectivity, Privatisation program is moving ahead at consistent pace by quickly shifting to video conferences and completion of pre-requisites of due diligence by national and international financial advisors(FAs)as per the original timelines, so far.

By the consistent efforts of Ministry of Privaitsation/Commision team and supervision of Minister/ Chairman PC, Muhammadmian Soomro, all out efforts have been made to complete all the pre-bidding formalities . All relevant partner organizations have been requested to complete the due processes despite the problems being faced in the availability of relevant officials. An important meeting of NEPRA was held today on 27th March, under the Chairmanship of Mr. Tauseef Ahmed, Chairman NEPRA, regarding tariff determination for RLNG plants which is likely to be announced early next week. A series of video conferences have also been planned with the prospective investors of RLNG plants in the coming week despite difficulties in accessing all stakeholders.

However, as the prospective investors and their counterpart IFIs have indicated concerns in the wake of downfall in international markets, the bidding timelines have become unpredictable. Prospective investors have requested extension in timelines which are being analyzed and considered in view of the rapidly changing situation. Most of our transactions are at an advanced stage and can be completed on time provided the national and international markets quickly recover from current health crisis situation and overcome Corona related obstacles. The sale of 28 properties for final auction has also been delayed due to government restrictions on gatherings and non-availibility of auction houses and related facilities.