Islamabad, July 22, 2020

Federal Minister for Privatization Mohammedmian Soomro chaired a Privatization Board (PC) meeting today in Islamabad. Federal Secretary Privatization, PC board members and senior officials of the Ministry attended the meeting. The transaction  structures of 5 entities were recommended for approval including House Building Finance Corporation (HBFCL), Services International Hotel (SIH), Lahore, Jinnah Convention Center (JCC), and First Women Bank Limited (FWBL). The transaction structures/models will now be placed before the Cabinet Committee on Privatization (CCoP) and subsequently before the Federal Cabinet. Federal Minister urged that before placing these structures for CCoP and Cabinet, all required NOCs, documents, approval from CDA, PAF, and other relevant ministries be positively sought/completed. In case of Jinnah Convention Center and Services Int’l Hotel Lahore the status of these entities will be converted into commercial from amenities for the highest possible valuation.  The subject conversion proposal will be submitted for approval of the Federal Cabinet. Furthermore, the divestment of 20% shares of Pakistan re-insurance Co. Ltd was also received nod from the board.

Federal Minister, MohammedmianSoomro urged that the matters regarding subject transactions should be completed steadily to avoid unnecessary delay in the completion of these transactions. He further added that the resultant cash flow will help the government in debt retirement. 

The update on the ongoing privatization of PSEs was also shared with board members, including two RLNG power plants, Pakistan Steel Mills, sale of federal government properties etc. Federal Minister, Mohammedmian Soomro will meet heads of banks in Karachi tomorrow, matters regarding debt arrangement for the privatization of two RLNG power plants of NPPMCL will be discussed.