LAHORE - Provincial Finance Minister Dr Ayesha Ghaus Pasha on Friday presided over a first meeting of Standing Committee of Privatisation Cabinet.
The purpose of the meeting was to review the matters relating to privatisation of Quaid-e-Azam Solar Park Bahawalpur. The minister told the meeting that the Punjab chief minister has constituted Standing Committee of Privatisation Cabinet comprising 16 members including the ministers of concerned departments, secretaries and technical members which will review bidding and matters of privatisation of government assets in the light of consultation of experts and present suggestions for harmonising the board with modern demands after analysing local and international trends of privatisation.
She said the initial task of the committee is privatisation of Quaid-e-Azam Solar Park Bahawalpur. The Punjab Privatization Board chairman informed the minister that Quaid-e-Azam Solar Private Limited has set up Pakistan’s first utility scale grid connected hundred megawatt Solar Photo Voltaic Power Plant in Bahawalpur which is generating hundred megawatt electricity. The total equity of the Punjab government in this project is Rs3.8 billion, she added. She said that this project is generating electricity higher than the required benchmarks set out by Nepra and earning good revenue.
Ayesha said that Punjab Privatization Board is carrying out the process of privatisation of the company and in the first phase, a Financial Advisory Services Agreement (FASA) has been signed between Punjab Privatisation Board (PPB) and United Bank Limited and a transaction committee has been established to supervise the process of privatisation including review of the deliberates submitted by financial advisor. The second phase of the project includes process of prequalification of bidders, marketing and holding road shows as well as advertisements regarding expression of interests for the participation of private sector.
The energy secretary informed the meeting about details of second phase and advertisement and preparations of road show. The minister directed the concerned institutions and officers to keep in view the rules and regulations of Nepra during the whole process and participation of local and foreign investors should be ensured through advertisements and road shows. She said that the process of auctioning will be performed in a corruption-free and transparent manner.
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