ISLAMABAD, Feb 28: The Board of Privatisation Commission on Thursday approved the transaction structure for divesting 93.88 per cent shares of SME Bank with the management control on ‘as is where is basis’.

The Board met under the chairmanship of Federal Minister for Privatisation and Investment Shahzada Alam Monnoo.

The Financial Adviser (FA) for the transaction BMA Capital made a presentation regarding the transaction structure and the Request for Statement of Qualification (RSOQ), which was also approved.

According to an official statement, the Board directed the PC to invite Expressions of Interest (EoIs) and subsequently RSOQ from the prospective parties and authorised the transaction committee to process the pre-qualification of the interested parties.

The PC board was informed that no decision had been taken to initiate the process for the sale of PIA’s Roosevelt Hotel in New York. However, as directed by the Cabinet Committee on Privatisation (CCoP) in its recent meeting, a presentation by the Financial Adviser was being arranged for the PC Board and CCoP to enable them to consider various options.

Reviewing the implementation status and progress of the ongoing privatisation process of the public sector entities, the PC Board was informed that 32 parties had been pre-qualified for the sale of 26 PTDC Motels and Restaurants and the parties had been asked to deposit 20 per cent of their bid value as earnest money.

While fresh EoIs for Jamshoro Power Company were being invited from the potential bidders in line with the instructions of the CCoP.

The meeting was also apprised about the current status of Hazara Phosphate and Fertilisers Limited, Pakistan Machine Tool Factory, Heavy Electrical Complex and National Power Construction Company.