ISLAMABAD – Pakistan government offers Multi Billion dollars privatizationdeals.
The Privatization Commission Board (PCB), headed by Minister ofPrivatization, Mohammad Mian Soomro, has pre-qualified 12 firms to bid for2 multi-billion dollar LNG-fired power plants.
The National Power Parks Management Company Limited (NPPMCL) owns bothpower plants located at Haveli Bahadur Shah and Balloki. The power plantshave a total capacity of 2,453 MW. The PCB is hoping to raise Rs. 300billion in non-tax revenue through the sale of power plants.
According to details, the PCB has pre-qualified all 12 parties that hadsubmitted statements of qualification to acquire the 2 power plants. Itincludes renowned global firms from Malaysia, Japan, Thailand, and the UK.
Following the pre-qualified phase, all of the 12 firms will start the duediligence process, said Privatization Secretary, Rizwan Malik.——————————
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Moreover, the PCB has granted approval to hire financial advisers to sell10% shares of Pakistan Petroleum Limited (PPL) and 7% stakes of Oil and GasDevelopment Company Limited (OGDCL). PCB is confident to raise Rs.400billion by selling stakes of the country’s two blue-chip enterprises.
The PCB will also sell 27 unprofitable government-owned properties throughan open auction. The total combined price of these properties is estimatedto be Rs. 6.7 billion.
All the revenue raised through the sale of shares of petroleumcorporations, capital market transaction and privatization of power plantswill be used to bridge the budget deficit.
