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Cabinet Committee approves privatization of different public entities

ISLAMABAD (our reporter):- Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired a meeting of Cabinet Committee on Privatization (CCoP) today.

Federal Minister for Power Mr. Khurram Dastgir Khan, Federal Minister Commerce Syed Naveed Qamar, Federal Minister for Privatization / Chairman Privatization Commission Mr. Abid Hussain Bhayo, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, Federal secretaries and senior officials attended the meeting.

The Privatization Commission submitted a summary regarding privatization of Services International Hotel (SIH) and updated the Committee on its privatization process. The CCoP after detailed discussion allowed Privatization Commission to proceed towards successful conclusion of SIH transaction with completion of transfer/mutation process in the name of the purchaser.

The Privatization Commission also presented a summary on privatization of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder. After detailed deliberations, CCoP decided to allow Privatization Commission to proceed with single source/negotiated transaction for Privatization of HBFCL with sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL).

The Privatisation Commission tabled a summary related to Budget Estimates of the Privatization Commission for Fiscal Year 2023-24 to the tune of Rs. 1248.8 million. The CCoP after detailed deliberation approved the summary.

The Privatisation Commission also presented summaries on privatisation of Pakistan Engineering Company (PECO) and privatization of Sindh engineering Limited (SEL) and briefed the meeting on their status. The CCoP after discussion deferred both the summaries with directions that Secretary Privatization Commission, Secretary Law & Justice and Secretary Industries & Production may hold mutual consultations and come up with future course of action in both cases.

The Privatization Commission also updated the CCoP on the status of privatization process of Roosevelt Hotel. The CCoP after discussion deferred the summary with direction to submit an update on the privation of Roosevelt Hotel after consultation with Aviation Ministry.

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