Minister reviews progress of entities selloff process

Web DeskWeb Editor

29th Jul, 2021. 09:01 pm

ISLAMABAD: Federal Minister for Privatisation Mohammedmian Soomro chaired the weekly privatisation meeting on Thursday and reviewed the progress so far made in the transaction of various entities to be privatised.

The federal minister was briefed that the hiring of financial advisers for the sale of the remaining properties has been initiated, and, in this regard, the expressions of interest (EoIs) had already been published.

The expressions of interest for the open bidding/auction of Services International Hotel Lahore will be invited in the first week of August 2021.

The meeting was also informed that the transaction is likely to be completed in the first week of September. Moreover, the transaction of NPPMCL is also pursued and a series of meetings with the stakeholders are held on almost daily basis to resolve the debt and equity matters.

For that purpose, a plan of action was already agreed upon regarding debt refinancing for the plant from local commercial banks.

Similarly, the transaction of Jinnah Convention Centre is underway, the pre-qualification of bidders is completed and the Privatisation Commission is moving ahead and also meeting with the Capital Development Authority (CDA) and completion of this transaction is expected by the end of this year.

The meeting reviewed the difficulties being faced in the privatisation process of the House Building Finance Company Limited and First Women Bank Limited.

The summary regarding the transaction details of the Pakistan Steel Mills (PSM) would be presented before the Cabinet Committee on Privatisation (CCoP) in its next meeting.

The meeting also discussed the current status regarding the privatisation of the distribution companies.

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