ISLAMABAD: The privatisation drive that has resumed after almost a decade will be successful as the government is committed to ensuring transparency in all procedures related to these transactions, said Privatisation Minister Mohammad Mian Soomro on Wednesday.

Addressing a press conference, Soomro said the government has finalised procedures for privatisation of six state-owned entities.

The entities include Convention Centre, Services Hotel Lahore, SME Bank, First Women’s Bank and two power plants.

Flanked by Special Assistant to PM on Information Dr Firdous Ashiq Awan and Privatisation Secretary Rizwan Malik, he said that “we do not expect any court case in the transactions as all procedures are being executed in a transparent and legal manner.”

He said that in addition to privatising the loss-making entities, the shares of profitable units owned by the government will also be offloaded to make them more efficient.

He was hopeful that the Rs150 billion non-tax revenue targets for the current fiscal year will be collected.

Meanwhile, Privatisation Secretary Malik said the government is looking to reduce its presence in sectors where it enjoys monopolies.

“The presence of private sector was almost negligible in insurance sector as well as oil and gas. Reducing the monopoly status of state-owned enterprises will enhance competition in these sectors too,” Malik said.

He also added that 12 firms have pre-qualified for bidding of multi-billion dollar power plants and the amount received would help reduce budget deficit.

Malik said the government wants to reduce financial burden of the loss-making entities and Pakistan Steel Mills (PSM) was the top priority.

He said the financial advisers for the PSM have been appointed and the auction for strategic sale for its revival is likely to be held in May 2020.

Besides, shares owned by the government in the Oil and Gas Development Com­pany, the Pakistan Petroleum Ltd and the Mari Petroleum will be offloaded to help strengthen capital markets.

The participants at the press conference were also informed that the transfer of 66 per cent shares of the K-Electric to the Shanghai Electric Ltd was under process.

Citing the reason for delays in the transfer, the officials said that no objection certificates were requ­ired from 16 departments and ministries to determine clearance of dues, financial issues and security requirements.

Published in Dawn, January 30th, 2020