PC Board Reviews Matters Related to Privatization of HBFC

Privatization Commission (PC) Board meeting on Tuesday reviewed the matters related to the privatization of House Building Finance Company Limited (HBFC).

The Privatization Commission (PC) Board meeting was held under the Chairmanship of Abid Hussain Bhayo, Chairman of the PC Board.

The board was briefed about the ongoing transactions and the matters requiring the attention of the board and the line ministries. The board was briefed about the report of the pre-qualification committee for the privatization of House Building Finance Company Limited (HBFC) which has been part of the active privatization list since 2018.

The board agreed with the recommendation to pre-qualify both firms to take the process to the due diligence stage and meanwhile any further clarification, if required, be sought from the bidders.

HBFC CEO apprised the board about the performance of the corporation, highlighted the future action plan, elaborated the initiatives envisioned, and sought approval of the PC Board, as required under the PC Ordinance 2000, for those initiatives.

The board while appreciating the proposal suggested that the HBFC privatization transaction was at an advanced stage and that any initiative having financial implications may be avoided at this stage. Furthermore, the potential buyer may be given the choice to introduce reforms as per its business plan and requirements.

The board also considered the audited accounts of the Privatization Commission for the year ended June 30, 2014, and acknowledged the efforts of the Board Audit Committee in finalization of the audited accounts. The board, however, sought a few clarifications and desired that the management clarifications be brought before the board in its next meeting.

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