ISLAMABAD-Caretaker Federal Minister for Privatisation, Fawad Hasan Fawad has directed the financial advisor of First Women Bank Limited (FWBL) and the management to expedite the process of privatization and to ensure that there are no delays.
Caretaker minister chaired a meeting of the Privatisation Commission with the financial advisor and management of First Women Bank Limited (FWBL). The minister was briefed regarding the proposed plan of action for the privatisation of FWBL. Farrukh Iqbal, CEO and President of FWBL, apprised the meeting on the status of audited accounts and the management accounts. The minister directed the financial advisor and the management to expedite the process and to ensure that there are no delays. The timelines for completion of necessary prerequisites for prequalification of potential investors were agreed and finalised. This was the first high level meeting following the extension of Financial Services Agreement with financial advisor as approved by Privatisation Commission Board on November 10, 2023.
Meanwhile, a delegation of the British High Commission called on the caretaker Federal Minister for Privatisation, Fawad Hasan Fawad, at Privatisation Division. The minister apprised the delegation of the need for privatization, the current scenario and government’s strategy and priorities with regard to privatization. The minister also shared recent developments in the privatization process of PIACL and Roosevelt Hotel. The delegation was told that PIACL will undergo restructuring thereby improving its appeal for prospective buyers in the aviation industry. The privatization of PIACL will bolster the aviation business in the country which will require some regulatory framework from the government. Possibilities of cooperation with British High Commission in developing regulatory framework for aviation industry and for privatisation in general were also discussed. It was agreed to further explore the options for cooperation and the capacity building of Privatisation Commission.