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Pakistani gov't readies privatisation plan for next fiscal year

Publication Date : 29-06-2014

 

Pakistan will embark on a massive privatisation drive in fiscal year 2014-2015, with power companies as initial main targets.

The decision followed the completion of two privatisation deals las month which involved the divestment of government shares in United Bank Limited and Pakistan Petroleum Limited.

“We have devised the [privatisation] plan for the next 12 months. It’ll be revealed during the next board meeting of the Privatisation Commission (PC) to be held soon,” PC Chairman Muhammad Zubair told a news conference here on Saturday.

“Pakistan desperately needs cash today for investments. The money (it will generate) will be used for debt retirement and poverty alleviation,” he said.

He said the government would privatise power firms, particularly the power distribution and generation companies. The plan is to undertake the privatisation through both the capital market and outright sale to strategic investors.

Finance Minister Ishaq Dar, who is currently on an official visit to Saudi Arabia, said it was the first time in the history of Pakistan that offers on premium have been received on the sale of government share in any entity.

 

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