ISLAMABAD: Deferring plans to sell the government’s stake, the Cabinet Committee on Privatisation (CCoP) on Friday removed Mari Petroleum Company Ltd from the active privatisation programme.

A meeting of the committee, chaired by Finance Minister Shaukat Tarin, also discussed the proposal submitted by the Privatisation Division for debt recapitalisation and refinancing of GoP excess equity and Pakistan Development Fund Ltd (PDFL) loan through commercial borrowing of National Power Park Management Company Ltd (NPPMCL).

The committee approved the proposals that NPPMCL shall initiate debt recapitalisation and refinancing process as per Companies Act 2017 and all GoP stakeholders to jointly support the NPPMCL to implement and execute the process of debt recapitalisation and refinancing from local banks. The meeting also directed to revisit the interest rate of Kibor plus 1.80 per cent through competitive bidding.

The meeting also discussed a summary moved by the Ministry of Energy for the privatisation of Guddu and Nandipur power plants and directed to prepare a roadmap for the valuation of the assets and modus operandi for transfer of assets.

The CCoP discussed delisting of SME Bank Ltd from the active privatisation programme. The meeting, after a detailed discussion, constituted a committee under the chairmanship of the finance minister and representatives from SBP, SECP, Finance Division and Privatisation Division to evaluate alternative options for proceeding further.

Privatisation Minister Muhammadmian Soomro, Energy Minister Hammad Azhar, Secretary Finance Division, Secretary Privatisation Commission, Secretary Petroleum Division and others attended the meeting.

Published in Dawn, January 1st, 2022