ISLAMABAD: Federal Minister for Privatisation Mohammedmian Soomro chaired a meeting to review the ongoing transactions here on Wednesday.

The federal minister was briefed about the current status of Heavy Electrical Complex (HEC), National Power Parks Management Company Limited (NPPMCL), Pak Re-insurance Company Limited (PRCL), DISCOs, Pakistan Steel Mills (PSM), HBFCL, and others.

It was discussed that the matter of issuance of National Security Clearance (NSC) for transfer of KE’s shares to Shanghai Electric (SEP), China is held up, awaiting conclusion of Power Purchase Agreement (PPA) between K-E and Power Division.

Federal Minister Soomro also asked that for the urgent resolution of pending issues related to KE, PRCL, issuance of NoC to PSMC by the SSGCL and receivables of NPPMCL, meeting(s) with stakeholders and line ministries be scheduled on priority.

It was briefed in the meeting that the process for the debt-recapitalization has been initiated and banks are in the process of forming consortium for the purpose of lending to replace the government’s excess equity.

Regarding the privatisation of the HBFCL through the sale of up to 100 percent shares along with the management control, the federal minister was briefed that local and international investors/ financial institutions are showing interest in the HBFCL.

Furthermore, the VDR for the due diligence of pre-qualified parties for the revival of the PSMC will be opened soon.

The minister was also apprised about the Federal Cabinet’s decision regarding Guddu and Nandipur power plants that the Cabinet Committee on Energy (CCOE) will first decide proposal of the PSO about these plants and then the privatisation process will be processed accordingly.

Copyright Business Recorder, 2022