ISLAMABAD: The Pri­va­ti­s­ation Commission said on Wednesday the Ministry of Commerce has yet to confirm whether State Life Insurance Company (SLIC) will divest its 24.4 per cent shareholding in Pakistan Reinsurance Company Ltd (PRCL).

The nod from the Ministry of Commerce is awaited for the re-evaluation of PRCL shares by financial advisers. The decision will subsequently be approved by the Privatisation Commission’s board and the Cabinet Committee on Privatisation (CCoP). The government intends to divest 20pc of its shares in PRCL.

Minister for Privatisation Moh­ammedmian Soomro chaired a meeting on Wednesday to review the active privatisation list which has entities belonging to the financial, industrial and power sectors.

The meeting was told that an expression of interest for House Building Finance Company Ltd (HBFCL) has been published and some parties have indicated their intention to submit applications. The deadline is January 31 while the privatisation process is likely to be completed by June.

The updated matter relating to the Heavy Electrical Complex (HEC) will be placed before the upcoming Privatisation Board meeting. The Privatisation Commission board will also consider the pre-qualification of investors for Pakistan Steel Mills.

Published in Dawn, January 20th, 2022