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Privatization Minister Chairs In-House Performance Review Meeting

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ISLAMABAD, Pakistan: The Federal Minister for Privatisation Mohammedmian Soomro chaired a privatization progress review meeting at the Ministry in Islamabad on Wednesday.

The Federal Secretary Privatization and other Senior Officials of the Ministry and Privatization Commission attended the meeting.

The federal minister was briefed about the progress regarding various PSEs to be privatized in the current fiscal year, and which have also been made part of the Performance Agreement of the Division.

Mohammedmian Soomro said that privatization is a major part of the current government’s economic reforms agenda, and urged all concerned to expedite the resolution of issues which might hinder the timely completion of these transactions. He informed the participants that the focus through privatization is multi-pronged; it is not only a profit- incentive but also to bring more efficiency in various public sector entities, reduce losses and create employment, debt reduction, and poverty alleviation.

The entities that were discussed in the meeting are included in the active privatization list, and most of them are at advanced stages of privatization. These entities include SME Bank, House Building Finance Corporation (HBFCL), Convention Center and NPPMCL, etc. Final bids (and response) are linked to market conditions.

The federal minister was also briefed about the matters relating to Pakistan Steel Mills Corporation (PSMC).

The Ministry of Privatization is receiving EOIs from the potential investors and also arranged a roadshow with potential national and international investors recently.

An important meeting with the Minister for Industries and Production is going to be held soon to discuss the SOA with SECP along with corporate actions required for the subject transaction.

The last date for submission of EOIs & SOQs is extended to October 15 and 29 respectively. Minister Privatization stated that the government is earnestly working for the revival of PSMC, through the induction of capital and technology, thus bringing the entity to operate at its full production capacity and it is encouraging to witness that the renowned international investors with global repute have shown their interest in this investment opportunity.

In the end, the federal minister urged the officers/ officials to make all-out efforts to resolve the related issues so the targets could be achieved in stipulated time and also in an efficient and effective manner.

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