The Senate Standing Committee on Privatisation, on Thursday, called upon the Privatisation Commission of Pakistan (PCP) to expedite efforts to complete privatisation transactions of state-owned enterprises to protect and safeguard national interest.
The committee, chaired by Senator Shamim Afridi, discussed the status of government entities already privatised but whose transactions had yet to be completed. Additionally, the committee was briefed about the privatisation of the Convention Center and apprised about the current status of the Pak-China Fertiliser Company.
The privatisation commission had so far completed 178 privatisation transactions and generated privatisation proceeds of Rs7.6 trillion which included the privatisation of the banking sector, capital markets, telecom and other entities.
Regarding the privatisation of the Jinnah Convention Center, it was informed that the Cabinet Committee on Privatisation (CCoP) on August 21, 2020, approved the transaction structure and this was ratified by the Federal Cabinet on September 1, 2020.
The meeting was further informed that the privatisation commission had pre-qualified 12 potential investors. However, the Capital Development Authority (CDA) Board made certain observations due to which the matter has been placed before the CCoP. Approval to re-initiate the Jinnah Convention Centre’s privatisation process is now awaited.
The committee was also told that PCP was pursuing the case of the Pak-China Fertiliser Company’s privatisation, and was making all efforts to secure the government’s interest. In this case, the outstanding amount of Rs2.8 billion has also been conveyed to the court.
The meeting was informed that the Supreme Court of Pakistan had dismissed the case of Schon Group against the sale of 112 kanal land and the amount received against the sale was being disbursed to the employees.
Speaking on the occasion, Senator Anwaarul Haq Kakar expressed concerns over the incomplete transaction of the fertiliser company and called for early completion to protect national interest. He assured that the committee would extend its support to privatisation commission.
Published in The Express Tribune, November 25th, 2022.
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