Muhammad Mian Soomro, Federal Minister for Privatization chaired a meeting of privatization commission and reviewed the progress on outsourcing or selling public-owned entities.
The meeting approved transaction structures of Services Hotel Lahore, First Women Bank, Housing Building and Finance Corporation (HBFC), and Jinnah Convention Centre.
Privatization of these institutions will help the country in paying off its debts, said Muhammad Mian Soomro and added that although coronavirus has delayed the privatization process in the country, however, they hope to expedite the process from now on.
The privatisation process is expected to contribute Rs100 billion to government’s non tax revenue receipts as per the Finance Bill 2020-21.
Earlier, Soomro said that the Privatisation Commission is fully committed and endeavored towards timely achieving the target. He said that significant progress is underway on various entities in the active privatisation list.
The minister said that due diligence for various entities is in the final stage, while the procurement process for appointment of financial advisors is also at advance stages for certain entities.
As per the latest implementation plan prepared by the Privatisation Division, it is expected that transactions for privatising Heavy Electrical Complex (HEC) and both RLNG plants at Haveli Bahadar Shah and Balloki are likely to be completed in the second quarter of the current fiscal year.
