Finance Bill for FY 2020-21 has incorporated Rs. 100 billion Privatization proceeds: Mohammedmian Soomro.

ISLAMABAD -- Federal Minister for Privatization Mohammedmian Soomro has said that the Finance Bill for the FY 2020-21 has incorporated Rs. 100 Billion Privatization proceeds as part of the 'Non-Tax Revenue Receipts' for the FY 2020-21.

He said that the Privatization Commission is fully committed and endeavored towards timely achieving the target. For efficient implementation of privatization program PC is working on reforms including a computerized track record of the timelines through a software to be kept for a closer monitoring of transaction processes. Standardization and simplification of procurement of transaction advisory services and transaction documents to bring in uniformity, consistency, and transparency in the privatization process and effective management of the transaction process, he said.

Mohammedmian Soomro chaired the meeting on Sunday and was briefed about ongoing transactions. Significant progress is underway on various entities in the active privatization list. Due diligence for various entities is in final stage, likewise the procurement process for appointment of Financial Advisors is also at advance stages for certain entities. As per the latest implementation plan prepared by the Privatization Division, it is expected that transactions for privatizing Heavy Electrical Complex (HEC), both RLNG Plants: Haveli Bahadar Shah and Balloki is likely to be completed in second quarter of the current financial year. For Nandipur Power Plant, Financial Advisors are hired, and due diligence of FA is in progress and likely to be completed during the FY 2020-21. Moreover, Services int'l Hotel (SIH), Jinnah Convention Center (JCC), SME, First Women Bank Limited (FWBL) and House Building Finance Company Limited (HBFC) are scheduled for the next FY for completion. For SME, qualified bidders have been notified to participate in buyer side due diligence leading to bidding process. The revival of Pakistan Steel Mills and to turn it into a profitable entity is one of the important agendas of current government and Ministry of Privatization. In this regard another meeting was held, attended by PCB Board Member and all relevant stakeholders including Ministry of Industries and Production, Chairman Pakistan Steel Mills Board, Project Director, Financial Advisory Consortium and Director General, Privatization Commission and other Members of the Committee.

The Transaction Committee discussed the revised Transaction Structure for revival of...

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