Govt Starts Auction of 17 Federal Properties

The government on Tuesday signed an agreement with a Financial Advisor Consortium (FAC) for the auction of 17 federal government properties.

The Cabinet Committee on Privatisation (CCoP) in its meeting held in March, ratified by the cabinet on April 1, 2021, had decided to initiate the auction of the remaining 17 available federal government properties.

Accordingly, Privatization Commission Board was directed to initiate the hiring process for a Financial Adviser (FA) under Privatization Commission Ordinance, 2000 for sale of these 17 federal government properties.

An advertisement inviting Expression of Interest (EOI) for the hiring of financial adviser was published in national print media and after scrutiny of interests by the evaluation committee, the Request for Proposal (RFP) packages were issued to shortlisted parties for submitting technical and financial proposals.

The results of the technical and financial proposals were deliberated and approved by the PC Board on November 25, 2021, and a committee was constituted to Negotiate Financial Advisory Services Agreement (FASA) with top-ranked party i.e., the Consortium of M/s HLB Ijaz Tabussum & Co., Chartered Accountants (Lead) (ii) HLB Consulting (Pakistan) (Pvt) Ltd (iii) Vellani & Vellani (iv) Ocean Surveyors (Pvt) Ltd.

The negotiation committee in its meeting held on December 14, 2021, finalized the terms and conditions of the FASA with the Consortium of M/s HLB Ijaz Tabussum & Co.

After approval of the federal minister/Chairman Privatization Commission, the FASA was signed on Tuesday with Financial Advisor Consortium (FAC). The small ceremony was chaired by the Secretary Privatization Commission who urged on the diligent performance of Financial Advisors’ duties under FASA and timely completion of the transaction.