ISLAMABAD-Privatisation Commission on Wednesday decided that transaction structures of First Women Bank Limited, Jinnah Convention Center, SME Bank and Services international Hotel would be finalised in the first week of July 2020.

An important meeting about the privatisation of entities in active list was held under the chairmanship of Federal Minister/Chairman Privatization, Mohammedmian Soomro here in Islamabad. Federal Secretary Privatisation, DGs, transaction managers, financial advisors and others attended the important meeting.

Federal Minister sought the progress in the privatization of various PSEs. The matters relating to the two power plants of National Power Parks Management Company Ltd. (NPPMCL) were discussed. Minister was told that the project document of the said transaction is in its final stages and likely to be completed soon. The minister directed the concerned that the all legal and administrative issues related to the privatization of these power plants be completed without further ado. He further added that after the lift of travel ban by the travel advisory in August the subject transaction would be finally executed.

It is also pertinent to mention that there have been eight consecutive transaction committee meetings of Pakistan Steel Mills (PSM), since last week to discuss and finalize the transaction structure of PSM and is likely to be agreed upon soon.

Federal minister directed that the work on the PSEs included in the active privatization list should be completed on priority. He also directed that the opinion of PC board members should also be sought wherever needed to avoid delay.

Federal minister reiterated that we are committed for strengthening our economy according to the vision of Prime Minister in the best interest of Pakistan and its people. The next review meeting will be held within a week.

Privatisation Division has shortlisted 10 entities which are scheduled to be sold out in financial year 2020-21 to achieve budgeted revenue of Rs100 billion. Privatisation Commission is anticipating to sale out much delayed two RLNG power plants 1223 MW Ballocki Power Plant and 1230 MW Haveli Bahadur Power Plants, revival of Pakistan Steel Mills plan, SME bank Limited, Services International Hotel Lahore and Jinnah Convention Centre, Islamabad in the second quarter of next financial year or by end of December 2020.

The government had budgeted Rs150 billion from privatization programme in last fiscal year. However, it failed to generate any amount due to Covid-19 that had halted the privatization programme.