Timeline of privatisation programme revised.

ISLAMABAD -- The government has revised the timeline for its privatisation programme due to the novel coronavirus and the market situation.

The Privatisation Commission reviewed the process at a meeting on Sunday, said a press release.

The commission has informed the prime minister that the transactions for RLNG-based power plants at Haveli Bahadur Shah and Balloki have now been planned to be completed by December 2020, while transaction for Nandipur power plant will be finalised by June next year.

It is learnt that the Privatisation Commission has submitted a list of 10 entities whose transactions will be completed between December and June 2021 subject to improvement in the market situation and control of Covid-19.

In addition, disinvestment transactions of eight public sector entities have been put on hold temporarilydue to unfavourable market conditions and other prerequisite formalities dealing with fundamental regulatory and legal issues which are pending with the ministries concerned and management of the entities.

Out of the eight entities, Guddu power plant, Pakistan Engineering Company and the Sindh Engineering Limited will be privatised during the fourth quarter of fiscal year 2020-21, while shares of the Pakistan Reinsurance Company, Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd, State Life Insurance Company and Mari Petroleum Company will be divested during the third and fourth quarters of the next fiscal year.

On the issue of Pakistan Steel Mills (PSM), the commission informed the prime minister`s office that its transaction structure is currently being deliberated upon after due diligence completed by the financial adviser.

The commission said that the revival of PSM and turning it into a profitable entity were among the top...