According to information, the Privatization Commission (PC), in its 247th meeting held yesterday (Friday), made important decisions regarding several key agreements.
Sources stated that the board recommended terminating the ongoing negotiated sale of 51 percent shares in HBFC Ltd, as Pakistan Mortgage Refinance Company Limited (PMRC) emerged as the sole bidder, offering Rs 4.2 billion, which was significantly lower than the reference price of Rs 13.55 billion approved by the Cabinet Committee on Privatization (CCOP). The board advised restarting the privatization process with the appointment of a new financial advisor.
Regarding the Roosevelt Hotel, the board cancelled the process of hiring a financial advisor and issued instructions for a fresh Expression of Interest (EOI) to ensure a competitive process, as after legal and technical due diligence, the number of interested parties had reduced from seven to two.
Sources further said that the board recommended including Islamabad International Airport in the privatization program and proposed a concession-based model under an open and competitive process.
In addition, approval was granted for the formation of transaction committees for the privatization of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), which will review the documents submitted through Rafiq Sain Investment.
The board reiterated its commitment to transparency and stated that all transactions would be carried out through a structured and transparent competitive process to ensure maximum benefit for the national exchequer.
