ISLAMABAD: The government has given outline for the future programme of privatisation of major public sector entities including Habib Bank Limited (HBL) and power distribution companies. It would generate $1.53 billion for current fiscal year 2014-15.
Finance Minister Ishaq Dar chaired a briefing session by the Privatisation Commission. Chairman Privatisation Commission Mohmmad Zubair informed the Minister that in the immediate future, PC would focus on divestment of GoP shares in HBL and Discos besides some other SOEs (State Own Entities). He said that formalities for the same including appointment of advisor for Discos are being undertaken. HBL financial advisors are already appointed, he added.
The Finance Minister said that the divestment should be carried out in a transparent manner with completion of due process. He directed the PC to reconvene in a few days for further deliberations on divestment of Discos and HBL.
According to the documents of the Finance Ministry, the government has projected to generate $1.53 billion from privatisation process during ongoing fiscal year 2014-15. The projected amount is much lesser than the claim of Privatisation Minister as he estimated to generate $4.5 billion from privatisation this fiscal year.
The documents showed that government had planned to complete four transactions during year 2014-15. The government completed the transactions of Allied Bank of Pakistan in December last year that generated Rs 14.4 billion for the national kitty. Meanwhile, the government would go for divesting the shares of HBL in April 2015, which would generate $1.36 billion.
The other two transactions that would be completed this year including National Power Construction Corporation and Heavy Electrical Complex by end of June 2015 that would generate Rs2 billion and Rs1 billion respectively.
It is worth mentioning here that government delayed the transaction of Oil and Gas Development Company Limited (OGDCL) due to the declining oil prices in the country. The government had estimated to generate $800 to $850 million from OGDCL transaction if it was completed in September 2014. However, the government failed to complete the transaction in September due to sit-ins.
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