Published On: Wed, Mar 22nd, 2023
Published in Category: Islamabad

Privatisation Commission Board meeting held to review ongoing transactions

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ISLAMABAD: Privatisation Commission (PC) Board meeting was held on Tuesday in Islamabad under the Chairmanship of Abid Hussain Bhayo, Chairman PC Board. Board members, Federal Secretary, Privatisation Commission and senior officials of the ministry were also present.

The Board was briefed about the ongoing transactions and the matters requiring attention of the Board and the line ministries The Board was briefed about the report of the pre-qualification committee for privatisation of House Building Finance Company Limited (HBFCL) which has been part of the active Privatisation list since 2018.

The Board agreed to the recommendation to pre-qualify both the firms to take the process to due diligence stage and meanwhile any further clarification, if required, be sought from the bidders. The CEO, HBFC apprised the Board about performance of the Corporation, highlighted future action plan, elaborate the initiatives envisioned and sought approval of the PC Board, as required under the PC Ordinance 2000, for those initiatives.

The Board while appreciating the proposal suggested that HBFC privatization transaction was at advance stage and that any initiative having financial implications may be avoided at this stage. Furthermore, the potential buyer may be given the choice to introduce reforms as per its business plan and requirements. The Board also considered the audited accounts of Privatisation Commission for the year ended June 30, 2014 and acknowledged the efforts of the Board Audit Committee in finalization of the audited accounts. The Board, however, sought few clarifications and desired that the management clarifications be brought before the Board in its next meeting.