Sell-off plan: 28 government properties delisted

28 Mar, 2020

The Privatisation Division has de-listed the sale of 28 government properties in the list of five entities to be privatised in the current financial year 2019-2020.
The Privatisation Division has delayed the sale of 28 properties for final auction due to government restrictions on gatherings and non-availability of auction houses and related facilities, according to the division. The prospective investors qualified for bidding for two RLNG power plants also requested to extend the time period.
"Most of our transactions are at an advanced stage and can be completed on time, provided the national and international markets quickly recover from current health crisis situation, and overcome corona-related obstacles," it has been stated.
The federal government set a target of Rs150 billion from privatisation proceeds in the current financial year through privatisation/divestment of shares of entities: two RLNG Power Plants, Mari Petroleum, the SME Bank, Guddu Power Plant, Services International Hotel, Lahore, and sale of 28 government properties.
Despite dire situation of lockdowns and non-connectivity, privatisation programme is moving ahead at consistent pace by quickly shifting to video conferences and completion of pre-requisites of due diligence by national and international financial advisors (FAs) as per the original timelines, so far, a statement said.
The division has made all out efforts to complete all the pre-bidding formalities.
All relevant partner organisations have been requested to complete the due processes despite the problems being faced in the availability of relevant officials.
In this respect, an important meeting of the NEPRA was held on Friday under the chairmanship of Tauseef Ahmed regarding tariff determination for RLNG plants, which is likely to be announced early next week.
A series of video conferences have also been planned with the prospective investors of RLNG plants in the coming week despite difficulties in accessing all stakeholders.
However, as the prospective investors and their counterpart, the IFIs have indicated concerns in the wake of downfall in international markets, the bidding timelines have become unpredictable.
"Prospective investors have requested extension in timelines, which are being analysed and considered in view of the rapidly changing situation obstacles," the statement added.

Copyright Business Recorder, 2020

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