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Privatization: 97 pc Heavy Electrical Complex govt stake to be sold out

ISLAMABAD: Finance Advisor to the Prime Minister Abdul Hafeez Shaikh chaired on Monday federal cabinet’s session on privatization nodding to sell out 97 per cent government stake in Heavy Electrical Complex, ARY News reported.

Hafeez Shaikh in this connection has advised Federal Minister of Industries and Production Hammad Azhar to oversee the redressal of permanent employees’ matters following the sell out.

Finance advisor Shaikh also constituted a commission headed by the federal industry and production minister to streamline the transaction structure of Pakistan Steel Mills.

The session on privatization today approved Privatization Commission (PC) board officers to open bank accounts in any bank of their choosing for the relevant transactions.

With the approval of PC board the bank accounts, to carry out transactions, can be opnened, the session nodded.

READ: Govt likely to earn Rs 100 bln with privatization this year: Soomro

It was briefed in the session today that to date, 23 out of 27 companies have been privatized that were slated in the agenda.

The session deliberated over impediments in the privatization process of National Power Parks Management Company and put together a committee to analyze the situation.

House Building Finance Company Limited privatization was also on the agenda and therefore the huddle has okayed the transaction structure to proceed with it as well.

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