The Privatization Commission plans to complete the privatization of at least one dozen state-own entities (SOEs) in the next few years.

Pakistan Steel Mills (PSM) is also among the list of SOEs that the government wants to privatize. The government had projected to generate over Rs. 250 billion in the current fiscal year from privatization proceeds.

According to a report by Business Recorder, the privatization of the Jinnah Convention Center, the House Building Finance Corporation Limited and the First Women Bank Limited is in advanced stages.

The incumbent government had put almost 21 SOEs on the active privatization list but could only manage to privatize a few of them during the last three years. However, the Services International Hotel was auctioned for Rs. 1.951 billion during the current fiscal year.

Now, the Privatization Commission has drawn up a list of 12 more SOEs that it intends to auction by the end of the next fiscal year. The government generated in excess of Rs. 920 million in the last year by selling off 10 properties.

The privatization of the Jinnah Convention Center in Islamabad is expected during the last quarter of the current fiscal year.

The privatization of Pakistan Re-Insurance Co Ltd (PakRe) and Heavy Electrical Complex (HEC) will also be completed by the third quarter of the current fiscal year, whereas the privatization of First Women Bank Limited (FWBL) and House Building Finance Corporation (HBFC) is set to be completed by December next year.

The commission further plans on privatizing Sindh Engineering Limited (SEL) by the end of the next fiscal year. The commission also plans to privatize two liquefied natural gas (LNG) based power plants by the end of the current fiscal year.

Source: Pro Pakistani