Soomro expects Rs100b privatisation proceeds this fiscal

Federal Minister for Privatisation Muhammad Mian Soomro on Monday said that the federal government would achieve the target of Rs100 billion proceeds from privatisation of public sector property during the current financial year.

“The process of privatisation of State Life Insurance Corporation has started while the preliminary study to privatise the Peshawar Electric Supply Company and Hyderabad Electric Supply Company power distribution companies is under way,” the privatisation minister said while talking to media persons at a local hotel during the auction of Republic Motors Limited owned by the Ministry of Industries and Production.

He said, “The current political situation will not affect the government's economic agenda as the Pakistan Tehreek-e-Insaf (PTI) government is not afraid of any movement by the opposition.”

Soomro revealed that the government had earned Rs1.07 billion in the first phase of the auction of its 24 properties in different parts of the country, including Islamabad, which ended in Lahore.

He said that the federal government had started the first phase of auction of its properties across the country from September 7.

Later, the federal government put up Republic Motors Limited for auction with a reserve price of Rs5 billion in the provincial capital. However, the auction of the property had to be postponed as no interested party came for bidding.

The federal government had earlier auctioned the properties in Multan, Vehari, Rahim Yar Khan, Nawabshah and Kaghan. The auctioned properties would be transferred to the owners after the approval of the Cabinet Committee on Privatisation.

Soomro said that the incumbent government would not only complete its five year tenure but also come to power again. “The government has no agenda to push the opposition against the wall, instead it is always ready to negotiate.”

(With additional input from APP)