Meeting with Financial Advisor For Sale of Identified Properties Owned or Controlled by Federal Government

Federal Minister for Privatisation, Mr. Fawad Hasan Fawad chaired a meeting of Privatisation Commission with HLB Ijaz Tabassum and Company, the Financial Advisor for sale of identified properties owned or controlled by Federal Government. 27 properties owned and controlled by government were approved for sale through Privatisation Commission by the cabinet in February, 2020.In the first round of auction in September,2020 a total of 23 properties were auctioned out of which sale of 13 properties could not materialize later due to various reasons. Currently, 17 properties remain unsold for which services of the Financial Advisor were hired in December, 2021. The minister took serious notice of shortcomings in the current process and directed the Secretary, Privatisation Division to review the process in consultation with the Financial Advisor. The Minister further directed that the properties shall be evaluated again particularly with regards to the title and other possible reasons for the unsuccessful sale in previous bidding process. He also directed that responsibility shall be fixed for delays and lapses within the Commission which has resulted in repeated failures of the auction process.