Privatisation of 2 RLNG power plants, HEC on cards, to contribute Rs100b.

Islamabad -- Privatisation transactions of Heavy Electrical Complex (HEC), Haveli BahadarShah and Balloki RLNG power plants are likely to be completed in second quarter of fiscal 2020-21.

A meeting to review ongoing Privatisation of public entities was held here with Federal Minister Mohammed Mian Soomro in chair was informed that 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.

The Finance Bill for the FY 2020-21 has incorporated Rs100 Billion Privatisation proceeds as part of the 'Non-Tax Revenue Receipts' for the FY 2020-21.It was informed that 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.

For efficient implementation of Privatisation program PC is working on reforms including a computerized track record of the timelines through software to be kept for a closer monitoring of transaction processes. It was further informed that standardisation and simplification of procurement of transaction advisory services and transaction documents has been introduce which will bring in uniformity, consistency, and transparency in the Privatisation process and effective management of the transaction process.

As per the latest implementation plan prepared by the Privatisation Division, it is expected that transactions for privatizing Heavy Electrical Complex (HEC), both RLNG Plants: Haveli BahadarShah and Balloki is likely to be completed in second quarter of the current financial year. 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 Privatisation. 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, Privatisation Commission and other Members of the Committee.

The Transaction Committee discussed the revised Transaction...

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