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Gov’t decides to privatize PPL,PIA, PSM and three banks

ISLAMABAD: Government has decided to privatize shares of three banks (owned by the government), Pakistan Petroleum Limited (PPL), Pakistan International Airline (PIA) and Pakistan Steel Mills (PSM), ARY News reported on Monday.

This was revealed by secretary privatization in the meeting of Senate Standing Committee on Finance and Privatization The meeting was chaired by Senator Nasreen Jalil.

The government has decided to privatize the shares of Habib Bank Limited (HBL), United Bank Limited (UBL) and Allied Bank in the first phase.

Government having 42 per cent, 20 per cent and 10 per cent shares of HBL, UBL and Allied Bank respectively.

Nasreen Jalil informed that the government has re-launched the privatization programme which was frozen since 2007 and in the first phase about 31 state-owned entities are being considered for privatization.

The committee was further informed that the government will sell 26 per cent shares of the entities and management would also be transferred to the buyers.

Final decision about the privatization of shares will be done by privatization commission board and summary for making the board has been sent to Prime Minister Nawaz Sharif.

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