ISLAMABAD: The Privatisation Commission has decided to complete the privatisation process of House Building Finance Company Limited (HBFC) by 15th December 2023.

Federal Minister for Privatisation, Fawad Hasan Fawad chaired a meeting with the management of the HBFC on Monday.

It was agreed that efforts would be made to complete all necessary work by December 15, 2023 in consultation with the financial advisor and secretary Privatisation Commission.

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Imran Ahad, CEO HBFC apprised the minister on the recent performance of the company together with immediate and short-term plans.

The company has seen a significant turnaround in its financial health which is also reflected in the recent upgrade of credit rating by two scales to AA (-).

The HBFC has issued a total portfolio of Rs18 billion with 14,000 active borrowers. It presently covers only 0.03 percent market share with manifold growth potential considering even the regional countries like India and Bangladesh.

It was decided that immediate steps, that can help the government to realise a fair asset value at the privatisation, need to be completed at the earliest including, but not limited to, re-profiling its real estate assets from residential to commercial wherever applicable and HR reform with particular emphasis on clearing up of the pension portfolio while bringing the employees to a market-based wage system.

Copyright Business Recorder, 2023