PC Board recommends reference price for privatisation of First Women Bank Limited

The Privatisation Commission (PC) Board of Pakistan has recommended a reference price for the privatisation of First Women Bank Limited (FWBL) to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), marking a significant step in the Government-to-Government (G2G) privatisation process.

The decision was taken during the Board’s 240th meeting, chaired by Muhammad Ali, Chairman of the Privatisation Commission.

First Women Bank Limited (FWBL), incorporated in 1989, is 82.64% owned by the Government of Pakistan and is currently being negotiated with the nominated entity of the Government of the United Arab Emirates (UAE) under the Inter-Governmental Commercial Transactions Act, 2022.

Officials believe that successful completion of the process would not only attract fresh foreign direct investment (FDI) into the country but also boost investor confidence in Pakistan’s broader privatisation programme.

In another key decision, the PC Board approved the consortium led by Raiffeisen as the top-ranked bidder for appointment as Financial Advisor for the privatisation of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).

Furthermore, the Board constituted a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the top-ranked consortium led by Raiffeisen.

The  Commission said it remains committed to ensuring transparency and efficiency in its privatisation drive to support Pakistan’s economic stability and attract sustainable investment.

Read Also: Court dismisses petition challenging PIA privatization

Earlier, the Lahore High Court, Rawalpindi bench, dismissed a petition challenging the privatization of Pakistan International Airlines (PIA), affirming that the process was conducted legally and transparently.

According to reports, the petitioner had alleged irregularities and a lack of transparency in the PIA privatization process. However, the court ruled that the procedure complied with the provisions of the Privatization Commission Ordinance, Articles 23 and 24, as well as Article 173 of the Constitution and the 2000 Ordinance.

The judgment noted that the government holds 96 percent of PIA shares and that a competitive sale was necessary to help the airline overcome its financial crisis. The court further stated that the Privatization Commission has performed its duties lawfully and that the judiciary cannot interfere in economic policy matters.