PTI government names 6 public organisations to be privatised for Rs 150 billion in this fiscal year

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PTI government names 6 public organisations to be privatised for Rs 150 billion in this fiscal year

ISLAMABAD: PTI government names 6 organisations to be privatised for Rs 150 billion in this fiscal year.

The federal government has decided to privatise six loss-making public sector enterprises (PSEs) –SMEs Bank, First Women Bank, Haveli- Bahadur Shah and Balloki power plants, Mari Petroleum Company Limited, Services International Hotel Lahore, and Jinnah Convention Centre Islamabad – during the current fiscal year.

This was shared by Federal Privatisation Minister Mainmuhammad Soomro in a press conference along with Special Assistant to Prime Minister on Information and Broadcasting Dr Firdous Ashiq Awan and Privatisation Secretary Rizwan Malik.

The government will sell off these entities to generate more than Rs150 billion that would be utilised on debt servicing and public welfare projects.

Mian Soomro said that the government had received 12 bids for privatization of National Power Parks Management Company Limited (NPPMCL).

The NPPMCL owns the two power plants: Balloki and Haveli Bahadur Shah, which have a combined generation capacity of 2,453 megawatts. He further said that investors from Japan, Thailand, the United Kingdom, Malaysia and Pakistan have submitted documents. “This shows foreign investors are keen to invest in Pakistan,” he added.

The secretary of the Privatisation Commission said that the government has also planned to divest up to 7 per cent stakes in the Oil and Gas Development Company (OGDC) and 10 per cent shares of Pakistan Petroleum Limited (PPL).

The government has also decided to sell 27 government-owned unproductive properties through an open auction in the next two months.

The government had already held roadshows for attracting investors for these 27 properties. Foreign investors from Dubai and Qatar and overseas Pakistanis had expressed interest in buying the properties, he said.

Rizwan Malik said that the government has planned to revive the Pakistan Steel Mills through investment from strategic investors, which would help in reducing the losses of mills.

Economy