ISLAMABAD-The government has plan to privatise three public sector entities (PSEs) including SME Bank Limited during ongoing fiscal year.
The Privatisation Commission has decided to complete the privatisation process of three PSEs including divestment of up to 20% shares of Pakistan Reinsurance Co. Ltd, SME Bank Limited and Services International Hotel, Lahore by June 30 this year, according to the official documents. 
For the three PSEs mentioned above, expected proceeds would be determined at the time of approval of valuation/ bidding processes by the CCoP and the cabinet. 
However, the process of completing privatisation depends on various factors including Covid-19 effects on market conditions and timely approval of requisite milestones by the CCoP and the cabinet.
The documents showed that government had already privatised 23 properties owned or controlled by the federal government and bids amounting to Rs.1.113 billion have been received by the federal government. 
Earlier, the Cabinet Committee on Privatisation (CCoP) had allowed open auction bidding for 27 land assets owned by federal government entities at total reserve price of Rs6.62 billion. 
Only one property is estimated at the value of over Rs5 billion by the financial advisers while the value of the rest of the 26 properties is Rs1.7 billion. However, the government privatized 23 properties. 
The documents showed that at present, Ministry of Privatisation is processing privatisation/divestment of eighteen (18) PSEs, and sale of twenty three (23) identified properties/assets, owned by various Ministries/Divisions. 
According to the active privatisation programme, the government is working on privatisation of (1) 1223 MW Balloki Power Plant and 1230 MW Haveli Bahadur Power Plant (2) SME Bank Limited (3) First Women Bank Limited (4) Services International Hotel, Lahore (5) Jinnah Convention Centre, Islamabad (6) Mari Petroleum Limited (divestment of remaining shares) (7) Pakistan Steel Mills (8)Pakistan Engineering Company (PECO) (9) Heavy Electrical Complex (HEC) (10) Sindh Engineering Limited (SEL) (11) House Building Finance Corporation (HBFC) (12) Pakistan Re-Insurance Co. Ltd. (PakRe) (13) Oil and Gas development Company Limited (OGDCL) (14) Pakistan Petroleum Limited (PPL), (15) Guddu Power Plant (747 MW) – Central Power Generation Company Ltd – CPGCL (GENCO – II), (16) Nandipur Power Plant (425 MW) – Northern Power Generation Company Ltd – NPGCL (GENCO – III), (17) State Life Insurance Corporation (18) PIA-IL Roosevelt Hotel, New York.
It is worth mentioning here that the government had budgeted Rs150 billion from privatisation programme in last fiscal year 2019-20. 
However, it failed to generate any amount due to Covid-19 that had halted the privatisation programme. 
The government even had not started the process of selling government owned properties due to the COVID-19.
The government in budget for ongoing financial year had projected to generate Rs100 billion from privatisation process in the year 2020-21.