Pakish News We are an interactive media group that here a purpose to update users with the latest information. Our mission is to give you knowledge not only about your surroundings. We will also update you around the Globe.
Islamabad: The National Power Parks Management Company Ltd. (NPPMCL) application to expedite transaction-related items was unanimously accepted by the Board of Privatization Commission (PC) on Monday.
One of the leading state-owned businesses (SOE) on the list of active privatizations, NPPMCL, was one of the topics discussed at the PC board meeting, which was presided over by Minister for Privatization Abid Hussain Bhayo.
Mr. Bhayo emphasized that the government is dedicated to enticing much-needed private sector investment and expertise in the power industry. Mr. Bhayo convened the PC Board’s inaugural meeting as chairman.
To expedite the settlement of issues related to the transaction’s realization, the PC, NPPMCL, and the ministries of finance and electricity formed a subcommittee of stakeholders in June under the auspices of the Cabinet Committee on Privatization (CCoP).
The epidemic in 2020, when 12 parties were pre-qualified from all over the globe, including the Middle East, China, Japan, Korea, Southeast Asia, Europe, and Pakistan, significantly influenced the transaction’s smooth flow. The conference was told that buyer-side due diligence and on-site inspections by pre-qualified investors drew the privatization of Pakistan Steel Mills closer to completion. The prospective investors visited the PSM site and met with key government officials in Islamabad throughout their two-week stay in Pakistan.
The Board was also briefed on the overall status of SOE privatization. Its members appreciated the HBFCL privatization’s progress and voiced their expectation that the process would soon end.
A plan to address several concerns with Sindh Engineering Limited (SEL) and Pakistan Engineering Company (PECO) that have impeded their privatization was presented to the PC Board for approval. It was advised that the execution of required privatization choices would be made possible by establishing the SEL Board and appointing a permanent MD. The board members suggested bringing up the issue at the next CCoP meeting.
The Capital Development Authority (CDA) board members disputed the transaction structure allowed for the Jinnah Convention Centre (JCC), which led to the deal being blocked when the PC board was briefed on the existing state of the JCC.
The CDA chairman and the privatization minister recently had a lengthy discussion to resolve the issue, and it was decided that the PC would provide a workable layout design for JCC. Additionally, the commission will update the transaction structure after consulting with CDA. In addition to endorsing the ideas, the PC board members suggested bringing the issue to CCoP.
Subjects like federal government assets, PSM, Sindh Engineering Limited (SEL), Pakistan Engineering Co (Peco), and the Jinnah Convention Center (JCC) were thoroughly explored. The board members suggested that the privatization of these companies should be put on hold due to internal problems with Peco and SEL and the sale of the federal government’s remaining sixteen properties.
The Board emphasized that although it was making every effort to speed up the privatization process, it could not because the other ministries and divisions involved needed to provide the necessary backing to address the problems these organizations were facing.
