ISLAMABAD - The Privatisation Commission has signed Financial Advisory Services Agreement (FASA) with Financial Advisor Consortium (FAC) for the auction of the remaining 17 available federal government properties.
After approval of the Federal Minister/Chairman Privatisation Commission (PC), the government has signed FASA with Financial Advisor Consortium (FAC). The small ceremony was chaired by the Secretary Privatisation Commission who urged on diligent performance of financial advisors’ duties under FASA and timely completion of the transaction. The government would privatise the remaining 17 government owned properties during the current fiscal year 2021-22. In last year, the government had sold ten properties, which had generated an amount of Rs920 million. 
The Cabinet Committee on Privatization (CCoP) in its meeting held on 18th Match 2021, as ratified by Federal Cabinet on 1st April 2021, decided to initiate auction of the remaining 17 available federal government properties (the first phase of the sale of identified properties ended in September 2020). Accordingly, Privatisation Commission Board directed to initiate the hiring process for a Financial Adviser (FA) under Privatisation Commission Ordinance, 2000 for sale of these 17 federal government properties. Advertisement inviting Expression of Interest (EOI) for 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 25th November 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 14th December 2021, finalised the terms and conditions of the FASA with the Consortium of M/s HLB Ijaz Tabussum & Co. 
It is worth mentioning here that the incumbent government had recently decided to complete the privatisation of at least one dozen public sector entities (PSEs) including Pakistan Steel Mills in next couple of years. Currently, there are 21 government entities on the active privatisation list, including sale of properties owned/controlled by the federal government. However, the government had privatized only entity Services International Hotel besides selling few government owned properties in last three years. Bidding of Services International Hotel has been successfully held in August, 2021 and follow-up requirements are in process.
According to the official documents, the government is working to complete the privatization of at least 12 PSEs by the end of next fiscal year (2022-23). The government had decided to accelerate the privatisation programme as it has projected to generate Rs252 billion from the privatisation proceeds in the current fiscal year. Officials informed privatisation of SME Bank, First Women Bank Limited, Jinnah Convention Centre and House Building Finance Corporation Limited is in advanced stages.