Cabinet body approves Credit Suisse hiring
A national flag of Switzerland flies in front of a branch office of Swiss bank Credit Suisse in Luzern October 30, 2014. PHOTO: REUTERS
The Cabinet Committee on Privatisation (CCOP) on Wednesday approved the hiring of Credit Suisse, Singapore, for discovery of price for the multibillion-dollar liquefied natural gas (LNG)-fired power plants, setting in motion the process to sell the plants to Qatar.
Keeping in view the recent developments and improved investor appetite and to undertake the valuation exercise for the sale of two power plants, the CCOP allowed the re-engagement of financial advisers to press ahead with the privatisation of National Power Parks Management Company Limited (NPPMCL), said the Ministry of Finance.
The Privatisation Commission tabled a summary for the re-engagement of financial advisers.
“The government is committed to inviting the much-needed private sector investment and expertise to the power sector. Based on efforts of the federal government, international investors are now looking for investment opportunities in Pakistan,” said Finance Minister Miftah Ismail.
The permission to hire Credit Suisse was given the day the finance minister held a virtual meeting with the head of Qatar Investment Authority – the entity that is keen to buy the LNG power plants.
Miftah Ismail met with Sheikh Faisal bin Thani al-Thani, CEO – Africa and APAC, Qatar Investment Authority.
The finance minister shared that the government of Pakistan was undertaking a number of structural reforms to facilitate foreign investment in the country.
The Qatar Investment Authority CEO showed keen interest in investing in different sectors in Pakistan, especially in energy, airport infrastructure, etc.
Published in The Express Tribune, September 8th, 2022.
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