PNSC, PQA, KPT not to be privatised due to strategic importance, profitability

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) approved Thursday delisting of the Pakistan National Shipping Corporation (PNSC), Port Qasim Authority (PQA) and Karachi Port Trust (KPT) from the privatisation programme.

This decision was made on a request of the Ministry of Maritime Affairs due to strategic importance and profitability of these entities.

A meeting of CCoP took place with Advisor to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair.

The committee directed the Ministry of Privatisation to expedite the process of privatisation of the selected public sector enterprises (PES).

It also empowered the ministry to pick any 10 units and start forthwith the hiring of financial advisors, collectively or separately as per requirement, for the selected units.

Dr. Shaikh said the government is committed to pursuing the privatisation programme and assured ministry full institutional backing and requisite resources to fast-track the privatisation process.

The cabinet in its meeting held on June 3, 2019 had already approved initiation of the process of hiring of Financial Advisors for the selected 32 properties.

The ministry gave a detailed presentation on the “Status of Overall Privatization” by telling the committee that the privatisation process started in January 1991 and a total of 172 transactions had been completed having fetched a total of Rs 649.3 billion for the national exchequer.

The committee was also briefed on the progress and pace of privatisation of eight units being on the active list, including National Power Parks Management Co. Ltd (1223 MW Balloki Power Plant and 1230 MW haveli Bahadur Power Plant; Mari Petroleum Limited; SME Bank Limited; First Women Bank Limited; Services International Hotel Lahore; Jinnah Convention Centre Islamabad; Lakhra Coal Mines (now Lakhra Coal Development Company) and Pakistan Steel Mills (revival of entity).