The Privatisation Committee unanimously gave approval to the proposal for expediting the transaction-related matters of the National Power Parks Management Company Ltd (NPPMCL).
Chaired by Minister for Privatisation Abid Hussain Bhayo, the PC board meeting was apprised of the latest status of the NPPMCL transaction, which is one of the key state-owned enterprises (SOE) on the active privatization list.
Mr. Bhayo emphasized that the government is engaged in inviting much-desired private sector investment and expertise in the power sector.
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In June, the Cabinet Committee on Privatisation (CCoP) established a sub-committee of stakeholders including ministries of finance and power, the PC, and NPPMCL for the early resolution of issues in the realization of the transaction.
After the pandemic hit in 2020, the smooth flow of transactions was greatly affected when 12 parties were pre-qualified from across the globe including the Middle East, Japan, China, Korea, Southeast Asia, Europe, and Pakistan.
The meeting was also informed that the privatization of Pakistan Steel Mills had come to completion with on-site visits and buyer-side due diligence from the pre-qualified investors. The potential investors had spent a couple of weeks in Pakistan meeting senior government officials in Islamabad and visiting the PSM site.
In addition, the PC board was also informed regarding the overall progress of SOE privatization, and members expressed gratefulness for the progress made in the HBFCL privatization and wished that the process would be completed soon.
The approval of the PC Board was sought on a strategy to address and resolve different issues with Sindh Engineering Limited (SEL) and Pakistan Engineering Company (PECO) which have obstructed their privatization. It was also briefed that the establishment of the SEL Board and the appointment of a permanent MD will allow for the implementation of essential privatization decisions. The Board members suggested that the matter be placed before CCoP at its next meeting.