HBFCL sell-off: PC Board briefed on pre-qualification body’s report

ISLAMABAD: The Privatisation Commission (PC) Board was briefed about the report of the pre-qualification committee for the privatisation of House Building Finance Company Limited (HBFCL) which has been part of the active privatisation list since 2018.

The meeting was held Tuesday under the chairmanship of Abid Hussain Bhayo, Chairman PC Board.

The board members, Federal Secretary, Privatisation Commission, and senior officials of the ministry were also present. The board was briefed about the ongoing transactions and the matters requiring the attention of the Board and the line ministries.

The Board agreed to the recommendation to pre-qualify both firms to take the process to due diligence stage and meanwhile any further clarification, if required, be sought from the bidders. The CEO HBFC apprised the Board about the performance of the corporation, highlighted future action plan, elaborate 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 advance 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 Privatisation Commission for the year ended June 30, 2014 and acknowledged the efforts of the Board Audit Committee in finalisation 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.

Copyright Business Recorder, 2023