Mohammedmian Soomro chairs meeting to review the ongoing transactions

ISLAMABAD, Feb 02 (SABAH): Federal Minister for Privatisation Mohammedmian Soomro chaired a meeting to review the ongoing transactions in Islamabad on Wednesday.

Federal Minister was briefed about the current status of Heavy Electrical Complex (HEC), National Power Parks Management Company Limited (NPPMCL), Pak Re-insurance Company Limited (PRCL), DISCOs, Pakistan Steel Mills (PSM), HBFCL and others. It was discussed that the matter of issuance of National Security Clearance (NSC) for transfer of K-E’s shares to Shanghai Electric (SEP), China is held up, awaiting conclusion of Power Purchase Agreement (PPA) between K-E and Power Division.

Federal Minister Mohammedmian Soomro also asked that for the urgent resolution of pending issues related to K-E, PRCL, issuance of NoC to PSMC by SSGCL and receivables of NPPMCL, meeting(s) with stakeholders and line ministries be lined up on priority.

It was briefed in the meeting that the process for the debt-recapitalization has been initiated and banks are in the process of forming consortium for the purpose of lending to replace the government’s excess equity.

Regarding the privatisation of HBFCL through the sale of up to 100% shares along with the management control, Federal Minister was briefed that local and international investors/financial institutions are showing interest in HBFCL. Furthermore, the VDR for the due diligence of pre-qualified parties for the revival of PSMC will be opened soon.

The Minister was also apprised about Federal Cabinet’s decision regarding Guddu and Nandipur power plants that Cabinet Committee on Energy (CCOE) will first decide proposal of PSO about these plants and then the privatisation process will be processed accordingly.