Senate committee on privatization discuses process of various public entities.

Islamabad -- The Senate Standing Committee on Privatization met on Wednesday under the Chairmanship of Senator Shammim Afridi at Parliament House to discuss the Privatization process of various public entities.

The committee was briefed that Sindh Engineering Limited (SEL) is non-operational since 2008 and at a loss of Rs 27.4 million after taxation as per the audited accounts available in 2016-17. The committee was also apprised that properties referred to be owed by SEL do not have titles cleared in SEL's name including the agricultural land located in Kasur District which is not in possession of SEL. For the property located at Mall Road Lahore, the ex-owner has filed suit for the declaration and transfer of property in their name.

The SEL board and MD are to be appointed and the annual audited accounts are to be updated to ensure corporate structure existence to take necessary decisions on matters related to Privatization.

The Ministry urged that a PC Board has approved the appointment of the Financial Advisor for the SEL and negotiations with the Top Ranked IP are in the process however resolution of encumbrances attached with the SEL requires urgent attention from MOIP for going forward in the Privatization of SEL.

The committee directed to probe investigation on the transferring of 448 Acre Land to the owner unilaterally by the then Assistant Commissioner. The committee also sought a report on the updated Audit account and working of the company till to date. The committee showed its intent to summon the relative ministry in the next meeting for a briefing on the matter at hand.

The committee while taking a briefing on the Privatization of National Power Parks Management Co. Ltd informed the committee that the Coalition for Outsourcing and Privatization CCoP has approved NPPMCL's debt recapitalization and refinancing scheme by 110 Billion Rupees, accordingly, expression of interest (EOI) for debt recapitalization and refinancing of NPPMCL from Banks/ Financial Institutes have been published on January 27th 2022.

A pre-bid meeting with banks and financial Institutes has also been met and the process of equity sale is also being reinitiated.

The committee was of the view that the debt recapitalization and refinancing scheme for the outstanding receivables of NPPMCL will aid the privatization process. The Privatization commission informed that the ministry was able to recoup 300.8 million rupees by the process.

The matter of divestment...