SME Bank, Heavy Electrical Complex to be privatize during current FY

ISLAMABAD: The privatization process of SME Bank, Services International Hotel (SIH), Jinnah Convention Center (JCC), and Heavy Electrical Complex (HEC) will be completed during the current fiscal year, ARY News reported.

The Privatization Commission (PC) Board meeting chaired by Federal Minister for Privatization Mohammed Mian Soomro was told that the consensus of the stakeholders has been reached regarding the take or pay issues in the privatization of National Power Parks Management Co. Ltd (NPPMCL), and the concerned divisions will submit a summary to the Cabinet committee on privatization (CCoP) accordingly.

The board was briefed about the latest progress made in the transactions of House Building Finance Corporation (HBFCL), Jinnah Convention Center (JCC) and First Women Bank (FWB) which are at advanced stages.

The transaction structures of said entities have already been approved by the cabinet. The board today approved the committees for the pre-qualification of the potential bidders.

Moreover, the board was intimated that government-owned properties have the transaction of 23 properties will be completed by the end of next month and payments are being received.

Privatisation Board Chairman Mohammed Mian Soomro said, “We are focused on achieving the desired targets within time.”

He also said that through the privatization of PSEs, the government wants to bring efficiency in various sectors along with revenue generation for debt retirement and poverty alleviation. The Board approved the minutes of the previous meeting.