Privatisation process moving ahead at consistent pace: Soomro

F.P. Report

ISLAMABAD: Federal Minister for Privitization, Soomro on Friday said that all out efforts have been made to complete all the pre-bidding formalities for continuing the process of Privitization. He said this while chairing a meeting of NEPRA held here on Friday, regarding tariff determination for RLNG plants which is likely to be announced early next week.

Despite dire situation of lockdown and non connectivity, Privatisation program was moving ahead at consistent pace by quickly shifting to video conferences and completion of pre-requisites of due diligence by national and international financial advisors (FAs) as per the original timelines, so far, he informed. The minister said that all relevant partner organizations have been requested to complete the due processes despite the problems being faced in the availability of relevant officials, said press release issued by Ministry of Privitization.

Soomro said that a series of video conferences have also been planned with the prospective investors of RLNG plants in the coming week despite difficulties in accessing all stakeholders.

However, as the prospective investors and their counterpart IFIs have indicated concerns in the wake of downfall in international markets, the bidding timelines have become unpredictable, he said .

The minister said that prospective investors have requested extension in timelines which are being analyzed and considered in view of the rapidly changing situation.

The minister said that most of our transactions are at an advanced stage and can be completed on time provided the national and international markets quickly recover from current health crisis situation and overcome Corona related obstacles. The sale of 28 properties for final auction has also been delayed due to government restrictions on gatherings and non-availability of auction houses and related facilities, he informed.