ISLAMABAD: Federal Minister for Privatisation Mohammedmian Soomro on Wednesday chaired a meeting to review the ongoing transactions of different state-owned enterprises (SOEs) in order to turn these enterprises into profit-oriented organisations for economic development of the country.

The minister was also briefed about the current status of SOEs including Heavy Electrical Complex (HEC), National Power Parks Management Company Limited (NPPMCL), Pak Reinsurance Company Limited (PRCL), Pakistan Steel Mills (PSM), House Building Finance Company Limited (HBFCL), distribution companies and others.

The meeting discussed that the matter of issuance of National Security Clearance for transfer of K-Electric’s (KE) shares to Shanghai Electric (SEP) was held up, awaiting conclusion of the Power Purchase Agreement (PPA) between KE and Power Division.

Mr Soomro directed for the urgent resolution of pending issues related to KE, PRCL, issuance of NoC to PSM by the Sui Southern Gas Company Ltd and receivables of NPPMCL. He said that meetings with stakeholders and line ministries must be lined up on priority.

The meeting was informed that the process for the debt-recapitalisation has been initiated and banks are in the process of forming consortium for the purpose of lending to replace the governments excess equity.

Regarding the privatisation of HBFCL through the sale of up to 100 per cent shares along with the management control, the minister was briefed that local and international investors, financial institutions are showing interest in the company. Furthermore, the VDR for the due diligence of pre-qualified parties for the revival of PSM will be opened soon.

Published in Dawn, February 3rd, 2022