Federal govt ready to sell state-owned HBFC

ISLAMABAD: The federal government has been preparing to sell the state-owned House Building Finance Company (HBFC) and approved the recommendations of the pre-qualification committee, ARY News reported on Tuesday.

The federal government expedited efforts to privatise the state-owned entities including the House Building Finance Company (HBFC).

The chairman of the Privatisation Commission Board, Abid Hussain, chaired an important session today and approved the recommendations of the pre-qualification committee for HBFC.

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The relevant pre-qualified parties have entered the next phase of the entity’s privatisation.

According to the declaration, the virtual data room will be opened after the scrutiny of the parties. During the session, the Privatisation Commission Board was also apprised of the progress on other transactions.

Moreover, the external audit report 2014 was also presented before the board. The board’s final opinion on the draft report is likely to be given in the next meeting.

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In February, Prime Minister Shehbaz Sharif directed the authorities concerned to accelerate the privatisation process of public sector enterprises which had been recommended by the privatisation board.

The prime minister issued these directives while chairing a meeting to discuss the privatization process. He directed authorities concerned to ensure transparency in the privatisation of public sector organisations.

The premier also directed to accomplish the privatisation of the PSEs recommended by the privatisation board in a transparent manner and as per best international practices.