Privatization Commission Board Okays Hiring of Financial Advisors for Sale of 17 State-Owned Properties

The Privatization Commission (PC) Board has unanimously approved the hiring of Financial Advisors for the sale of 17 state-owned properties in addition to a reference price of Heavey Electrical Complex (HEC).

The PC Board held its meeting with Federal Minister for Privatization Mohammad Mian Soomro in the chair in Islamabad on Thursday. The meeting was held to discuss matters pertaining to the sale of remaining 17 federal government properties including the reference price approval of HEC, and other transactions like SME Bank and divestment of government’s shares in Pak Reinsurance Company Limited (PRCL).

After a briefing on the hiring of Financial Advisors for the sale of the remaining properties, the PC Board unanimously approved the hiring.

Besides, regarding reference price of HEC, the Board considered reserve rice computation under Discounted Cash Flow (DCF), Market Multiple and Adjusted Net Asset Book Value (NAV) modes, allowed under Privatisation Commission (Valuation of Property) Rules 2007. It recommended the DCF method and the same would be sent to the Competition Commission of Pakistan (CCoP) for decision.

On the divestment of 20% shares of PRCL, the PC Board was apprised that papers of the Offer for Sale Document (OFSD) would be obtained from the management of PRCL to approach the Securities & Exchange Commission of Pakistan for seeking permission. And, later the opinion of CCoP would be solicited to determine the share price to proceed for divestment.

Mohammad Mian Soomro stressed that the timeline for the ongoing transactions must be strictly followed. He emphasized that the issues arising during the process would be taken up with relevant Ministries and Divisions on priority.

Federal Secretary Privatisation, PC Board members, representatives of the Ministry of Industries, financial advisors, and senior officials of the Privatization Ministry attended the meeting.



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