ISLAMABAD-The government has kept four public sector entities (PSEs) in active privatisation projects’ list including Pakistan Steel Mills and National Power Parks Management Co. Ltd.  

The Active Privatization Projects included Services International Hotel, Lahore, property in Faisalabad owned by Federal Board of Revenue (FBR), Heavy Electrical Complex, Taxila, Pakistan Steel Mills, National Power Parks Management Co. Ltd and House Building Finance Company. This detail was shared in written by Minister for Privatisation Abid Hussain Bhayo in National Assembly. However, two out of six PSEs, Services International Hotel, Lahore and Heavy Electrical Complex, Taxila, have already been privatised by the previous government of PTI.

Meanwhile, other projects for privatisation under consideration are Pakistan Re-insurance Company, First Women Bank Limited, Republic Motors Land at Lahore, Faisalabad Electric Supply Company Limited, Islamabad Electric Supply Company Limited, Lahore Electric Supply Company Limited, Gujranwala Electric Power Company Limited, Multan Electric Power Company Limited, Peshawar Electric Supply Company Limited, Hyderabad Electric Supply Company Limited, Quetta Electric Supply Company Limited, Sukkur Electric Power Company and Tribal Electric Supply Company.

The federal government had budgeted to generate Rs96 billion from the privatisation proceeds in the financial year 2022-23, which is Rs156 billion lower than a target of Rs252 billion set for the last financial year 2021-22. The present government would follow the privatization programme, which was started by the Pakistan Tehreek-e-Insaf (PTI) government. Privatization of the aforementioned entities would be completed in the next few months. The previous government of PTI had moved the privatization programme at snail pace due to the lengthy process and Covid-19. The PTI government had completed the privatisation of only two public sector entities including Heavy Electric Complex (HEC) and Services International Hotel Lahore during its more than three and a half years tenure. The government had also sold ten properties, which had generated an amount of Rs920 million. The government was simultaneously working on privatisation of 20 PSEs. However, it has completed privatization of only two PSEs so far since August 2018 when the incumbent government took charge.  The HEC was owned by State Engineering Corporation (SEC) under the administrative control of Ministry of Industries and Production (MOIP). The winning bid of IMS at Rs. 99.999 per share will result in Rs. 1.4 billion of proceeds for the government. Earlier, the government had also privatized Services International Hotel besides selling few government owned properties in last three years. Services International Hotel, Lahore transaction was also successfully completed and it was sold to M/s. Faisal Town Pvt. Ltd at Rs1.951 billion after open bidding.