PC to expedite DISCOs, HBFC privatisation

ISLAMABAD:

The federal government has decided to expedite the process for the privatisation of power distribution companies (DISCOs) and the House Building Finance Corporation (HBFC).

In this regard, the Privatisation Commission has decided to seek names for appointment of financial adviser for the privatisation of DISCOS while approaching the International Finance Corporation's (IFC) board to greenlight the HBFC's privatisation.

Sources revealed that during a recent meeting of the Privatisation Commission Board, chaired by Federal Minister for Privatisation and Investment Aleem Khan, progress on the privatisation of entities included in the privatisation list was reviewed.

It was reported that the HBFC could be privatised immediately, requiring only the approval of the IFC Board. A decision was made to seek early approval from the IFC Board to advance the privatisation process of HBFC and complete the transaction.

A member of the World Bank Group, the IFC focuses on private sector development in emerging markets by providing investment, advisory, and asset management services.

The meeting also reviewed progress on the privatisation of DISCOS. It was noted that the privatisation of distribution companies is at an advanced stage, with a panel of names requested and offers received for the appointment of financial advisers for these transactions.