ISLAMABAD: The federal government after getting the nod from the cabinet finalized a list of 24 state-owned entities which will be privatized during next five years – 2024-29.
According to reliable sources, the privatization process will be completed in three phases.
During the first phase which will be completed in one year, 10 state-owned enterprises (SOEs) will be privatized.
In the second phase 13 government-run organizations will be privatized in three years, while during the third phase one SOE will be privatized in three to 5 years.
Pakistan International Airlines (PIA) and Roosevelt Hotel located in New York, Agriculture Development Bank of Pakistan (ADBP) and First Women Bank (FWB), and Housing Building Finance Corporation (HBFC), Pakistan Engineering Council (PEC) and Sindh Engineering Limited and power distribution companies (DISCOs) located in Islamabad, Faisalabad and Gujranwala will be privatized.
Privatization of Utility Stores Corporation (USC), power distribution companies LESCO, MEPCO, HESCO and SEPCO and power supply companies located in Peshawar and Hazara and Jamshoro Power Company and Central Power Generation Company, Northern Power Generation Company and Lakhara Power Company privatization will be concluded in the second phase.
Sources said that State Life Insurance Corporation of Pakistan (SLIC) will also be privatized in second phase, while Postal Life Insurance Company will be privatized in third phase.
