Mohammedmian Soomro chaired PC Board meeting

The 4th Privatisation Commission, Board meeting of the current year held today in Islamabad, under the chairmanship of the Federal Minister and Chairman Privatisation Mohammedmian Soomro. Federal Secretary, Board members and senior officers of the Ministry attended the subject meeting.

Various important issues including Privatisation of Services international Hotel (SIH), hiring of audit firms for external audit, the status of the sale of federal government properties, PECO and update on the overall privatisation program was discussed.

The status of the sale of 26 Federal Government properties was also discussed, initially 23 out of 26 properties were sold through open bidding in September last year, while three properties remained unsold. Out of 23 sold properties PKR 920 million was deposited against 10 properties, while the earnest money for the rest of 13 properties was forfeited on account of the failure of the successful bidders to deposit the requisite amount. The hiring of financial advisors (FAs) for the sale 17 unsold properties was approved by the board, earlier the Inter-Ministerial Committee (IMC) approved the proposal for the hiring of FAs for the sale of remaining properties. 

The overall update of the privatisation plan was also discussed in today’s board meeting and it was directed by the Federal Minister that an exclusive PC Board meeting to discuss the matters regarding the revival of Pakistan Steel Mills (PSM) and other pending issues with different department will be convened next week. 

Earlier today a follow-up meeting with the Governor State Bank and Finance Minister was also held and matters relating to SME Bank, First Women Bank Limited and House Building Finance Corporation.

Federal Minister Mohammedmian Soomro said that we are keen to complete the transactions in minimum time following the PC Ordinance in letter and spirit and also ensuring transparency throughout the process.