A meeting of the Cabinet Committee on Privatisation (CCoP) has been convened today (Tuesday) to give approval to divestment of Habib Bank (HBL) shares along with transaction structure of National Power Construction Corporation (NPCC), it was reliably learnt.
Sources said Finance Minister Ishaq Dar has committed to the International Monetary Fund (IMF) during the recently concluded sixth review of $6.64 billion Extended Fund Facility (EFF) that the government would carry out capital market transaction of 42 percent government holding shares in UBL.
They added that the meeting would approve the transaction structure for the divestment of shares and a timeline. They further stated that around $1 billion is expected from divestment of the government''''s residual 42 percent shares in HBL. An official said that these may be the prior action for the release of the next tranche by the IMF. Sources further revealed to Business Recorder that the CCoP is also expected to give approval to the privatisation of NPCC. Finance Minister has also committed to the IMF that the government would privatise two electricity distribution companies in the current calendar year.
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