ISLAMABAD: Pakistan plans to privatise 25 state-owned entities following the divestment of Pakistan International Airlines (PIA), with long-term concession agreements planned for Islamabad, Karachi and Lahore airports instead of outright sales, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission Muhammad Ali said on Monday.
In an interview, Mr Ali said the next phase of privatisation would include State Life Insurance Company, Zarai Taraqiati Bank Limited (ZTBL), House Building Finance Corporation (HBFC) and nine power distribution companies (Discos). Each entity will be offered through separate bidding processes.
He said three Discos — Islamabad Electric Supply Company (Iesco), Gujranwala Electric Power Company (Gepco) and Faisalabad Electric Supply Company (Fesco) — are expected to be privatised by mid-next year. In the second phase, Peshawar Electric Supply Company (Pesco) and Sukkur Electric Power Company (Sepco) will be taken up, followed by Lahore Electric Supply Company (Lesco), Multan Electric Power Company (Mepco) and Hazara Electric Supply Company (Hesco) in the third phase.
Mr Ali added that, subject to cabinet approval, Pakistan Mineral Development Corporation (PMDC), Saindak Metal Limited (SML), Pakistan Re-Insurance Company Limited (PRCL) and Postal Life Insurance Company Limited (PLICL) will also be included in the privatisation programme.
Commenting on government restructuring, he said some departments have already been shut down, while a “right-sizing” committee is reviewing ministries to identify areas where staffing can be reduced or where new recruitment is required.
On the privatisation of the House Building Finance Corporation, Mr Ali said a single bid had been received. He noted that the bid would be reassessed if it fails to meet the reference price set by the government.
