Privatization of SME Bank, Pak Reinsurance Company to be completed

F.P. Report

ISLAMABAD: The Cabinet Committee on Privatization (CCOP) was briefed here Tuesday that the privatization process of SME Bank Limited and Pak Reinsurance Co. Ltd (up to 20% divestment) was moving ahead in a relatively faster manner and was expected to be completed in the required time frame.

The CCOP meeting, which was chaired by Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh, was given an update on the privatization program, according to press statement issued by the Ministry.

On the revival status of Pakistan Steel Mills, the committee directed the Privatization Commission to complete all the standard requirements in a regular but expeditious manner, the statement said and directed it to keep on updating the government on any issues that might surface during the smooth running of the process.

On the proposal of the Privatization of the Guddu Power Plant (747 MW), the Ministry of Privatization informed the committee that it had received EoIs from Financial Advisers and parties had been shortlisted for issuance of request for proposals.

Other issues related to the transaction were also discussed and the Cabinet Committee on Privatization (CCOP) directed that there was a need for further discussion on the project between NEPRA, Power Division and Ministries of Finance and Privatization.

They were directed to come up with a joint proposal in the next meeting of CCOP for moving ahead in the transaction so that it might complete within the given time frame.

For divesting shares of OGDCL, CCOP directed that the matter required further deliberation.

The committee directed that all the relevant stakeholders including the Ministry of Energy to come up with a presentation on the proposal in the next meeting.

The Chair directed that all the processes related to the privatization process may be carried out in a transparent but expeditious manner so that all the targets are achieved within the given time frame.