ISLAMABAD: The Privatization Commission has set a target to complete the privatisation of one dozen state-owned entities (SOEs) including the Pakistan Steel Mills (PSM) in the next couple of years.

The government had projected to generate Rs252 billion from the privatisation proceeds in the current fiscal year.

Officials informed privatisation of the SME Bank, the First Women Bank Limited, the Jinnah Convention Centre, and the House Building Finance Corporation Limited is in advanced stages.

The present government had put 21 SOEs in the active privatisation list.

However, it had privatised Services International Hotel and able to sell a few government-owned properties in the last three years. The Services International Hotel’s bidding was completed in the current financial year.

The Privatization Commission has selected some 12 SOEs by the end of next fiscal year (2022-23) for privatisation.

The government is mulling to complete the privatisation of Jinnah Convention Centre, Islamabad by fourth quarter (from April to June) of the current fiscal.

Purchase of up to 74pc shares of PSM: PC yet to receive Statement of Qualifications

In the last year, the government had sold 10 properties, which had generated an amount of Rs920 million.

The privatisation of Pakistan Re-Insurance Co Ltd (PakRe) would also be completed in the third quarter of the current fiscal year.

The government has planned to complete the privatization of PSM in the fourth quarter of the current fiscal year.

The Privatisation Commission may complete the privatisation of First Women Bank Limited (FWBL) till December 2022.

The Expression of Interest (EOI) will be published after approval of pending audited accounts of calendar years from 2018 to 2021.

The privatisation of the House Building Finance Corporation (HBFC) is scheduled to be completed by December next year (2022).

The decision for privatisation of the SME Bank has been reversed and it would be no more in the list.

The government would complete privatisation of Heavy Electrical Complex (HEC) by the third quarter of the current fiscal year 2021-22.

Privatisation of Sindh Engineering Limited (SEL) is expected in the next financial year. It further showed privatisation of two LNG-based power plants would be completed by the end of the current fiscal year.

Copyright Business Recorder, 2021