The National Assembly’s Standing Committee on Privatization was informed on Thursday that government hopes to bring $2 billion from the privatization of 1,223MW Balloki and 1,230MW Haveli Bahadur Shah power plants.
An assessment council has been framed in the Privatization Commission to assess expression of interest, specialized and money related recommendations put together by interested individuals for hiring of monetary counselors, Secretary Privatization Rizwan Malik educated the advisory group.
The Cabinet Committee on Privatization has endorsed initiation of the appointment of financial advisors. The power plants are claimed by the National Power Management Company.
Because of the assessment procedure, offers from five consortiums have been short-listed. Out of which, offer from a consortium of Credit Suisse, Elixir Securities, EY Ford Rhodes, Lummus Consultants Interntaional, Akhund Forbes Hadi and Lathman and Watkins has been endorsed.
The Standing Committee held its gathering in the Parliament House under the chairmanship of MNA Syed Mustafa Mahmud to give a complete brief on the administration’s privatization program.
As for the privatization of the SME Bank, privatization secretary informed the advisory group that the bank was reliably acquiring losses and the legislature – which claims around 93.88pc shares of the bank — plans to strip 100pc of its stake alongside the executives control to a key financial specialist.
In addition, three consortiums have presented their technical and money related recommendations and the assessment is relied upon to finish inside next couple of days.
The committee has asked for opinion from the finance ministry, State Bank of Pakistan and SME Bank on the bank’s privatisation in its next meeting.
The rest of the offer in the bank — around 6.12pc — is held by six business banks.
SME Bank has a paid-up capital of Rs2.39bn and is working with a system of thirteen business banks.
Image via Pakistan Today