ISLAMABAD: Federal Minister for Privatisation Mohammed Mian Soomro has said that privatisation of under-utilised public sector enterprises (PSEs) will be completed in a transparent and efficient manner in line with global practices. Soomro further said that privatisation is an integral part of the government’s economic development agenda. He said this while chairing a consultative meeting along with Federal Minister for Industries and Production Makhdum Khusro Bakhtyar on Thursday to allay the issues pertaining to complete privatisation of Pakistan Steel Mill Corporation (PSMC) and Heavy Electrical Complex (HEC). TLTP
The federal secretary of industries & privatisation and the representatives of the HEC and financial advisors were also present in the meeting, which was briefed on privatisation status of PSMC and HEC.
Khusro Bakhtyar remarked that the main objective of privatisation of under-utilised public sector entities is to monetise their assets by enhancing investment opportunities. He said that space would be filled by the private sector which would bring investment and best global practices with them.
He added that the private sector would also bring modern technology, a change in the management mindset which would create more efficient jobs thus increasing the efficiency of the system.
It was noted that the privatization process of HEC is near to completion. It’s pre-bid conference was held at Privatization Commission and bidding process is scheduled to be held on 12th January 2022.
The meeting was informed that the pre-qualification bidding process of PSM is under progress. The major focus is on the availability of utility connections to the newly formed subsidiary of PSMC, which is mandatory for seeking approval for scheme of arrangement (SoA).
