Privatization Commission allowed to proceed HIS transaction

ISLAMABAD (APP): Cabinet Committee on Privatization (CCoP) Monday allowed Privatization Commission to proceed towards a successful conclusion of Services International Hotel (SIH) transaction with the completion of transfer/mutation process in the name of the purchaser. The CCoP met here with Minister for Finance and Revenue Senator Mohammad Ishaq Dar in chair. Minister for Power Khurram Dastgir Khan, Minister for Commerce Syed Naveed Qamar, Minister for Privatization and Chairman Privatization Commission Abid Hussain Bhayo, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Chairman RRMC Ashfaq Yousuf Tola, federal secretaries and senior officials attended the meeting. The Privatization Commission submitted a summary regarding the privatization of SIH and updated the committee on its privatization process. The CCoP after a detailed discussion allowed Privatization Commission to proceed towards a successful conclusion of SIH transaction with the completion of transfer/mutation process in the name of the purchaser. The Privatization Commission also presented a summary on the privatization of House Building Finance Company Ltd (HBFCL) with one single (pre-qualified) bidder. After detailed deliberations, CCoP decided to allow Privatization Commission to proceed with single source/negotiated transaction for Privatization of HBFCL with sole pre-qualified investor namely Pakistan Mortgage Refinance Company Ltd (PMRCL). The Privatisation Commission tabled a summary related to Budget Estimates of the Privatization Commission for Fiscal Year 2023-24 to the tune of Rs. 1248.8 million. The CCoP after detailed deliberation approved the summary. The Privatisation Commission also presented summaries on privatisation of Pakistan Engineering Company (PECO) and privatization of Sindh engineering Limited (SEL) and briefed the meeting on their status. The CCoP after discussion deferred both the summaries with directions that Secretary Privatization Commission, Secretary Law and Justice and Secretary Industries & Production may hold mutual consultations and come up with future course of action in both cases. The Privatization Commission also updated the CCoP on the status of privatization process of Roosevelt Hotel. The CCoP after discussion deferred the summary with direction to submit an update on the privation of Roosevelt Hotel after consultation with Aviation Ministry.