Islamabad: The Board of Privatization Commission has unanimously approved the proposal to speed up the privatization of National Power Parks Management Company Limited.
According to media reports, the Privatization Minister Abid Hussain Bhayo presided over the meeting of the Board of Privatization Commission, the board was apprised of the current status of the NPPMCL transaction, which is one of the major public sector enterprises listed for privatization (S). OE) is one of
Abid Hussain Bhayo presided over the first meeting of PC Board as Chairman.
He emphasized that the government is committed to harnessing the much needed private sector investment and expertise in the power sector.
In June, the Cabinet Committee on Privatization (CCOP) constituted a sub-committee of stakeholders comprising members from the Ministry of Finance and Ministry of Power, PC and NPPMCL to expedite the privatization process. Can be resolved as soon as possible.
In 2020, the ongoing privatization process was severely affected by the outbreak of the Covid-19 pandemic, while 12 parties from around the world, including the Middle East, China, Japan, Korea, Southeast Asia, Europe and Pakistan, had pre-qualified.
The meeting was informed that the privatization of Pakistan Steel Mills was nearing completion with site visits by pre-qualified qualified investors and buyers, prospective investors in Pakistan for two weeks meeting with top government officials in Islamabad and PSM was spent visiting the site.
The Board was also apprised of the overall progress of SOE privatisation, and members expressed satisfaction over the progress in HBFCL privatization and hoped that the process would be completed soon.
The PC Board’s approval was sought on the strategy to resolve various issues with Sindh Engineering Limited (SEL) and Pakistan Engineering Company (PECO) which have stalled their privatization process.
The briefing informed that the formation of SEL Board and appointment of permanent MD will enable implementation of necessary decisions related to privatisation.
The board members suggested that the matter be placed before the CCOP in its next meeting.
The PC Board was briefed on the current status of the Jinnah Convention Center (JCC) and was informed that the privatization was after disagreement with the transaction structure approved by the Capital Development Authority (CDA) board members. Action related to was stopped.
The Privatization Minister recently held a detailed meeting with the CDA Chairman to resolve the matter, during the meeting it was mutually agreed that a workable plan for PCJCC would be formulated.
The Privatization Commission will also review the structure of the transaction in consultation with the CDA, the PC Board members endorsed the proposals and recommended that the matter be placed before the CCOP.
The Privatization Commission Board emphasized that it is doing everything within its powers to speed up the privatization process but it needs the necessary support from other concerned ministries and divisions to resolve the issues faced by these institutions which is not happening.
