ISLAMABAD: Pakistan’s Privatisation Commission Board on Monday moved to reshape the country’s sell-off roadmap, recommending three state firms for privatisation and striking off two loss-ridden entities from the programme.
The board, chaired by Prime Minister’s Adviser on Privatisation Muhammad Ali, cleared Saindak Metals Limited (SML), Pakistan Minerals Development Corporation (PMDC) and National Insurance Company Limited (NICL) for inclusion in the active privatisation list.
The decisions followed a detailed review of 15 state-owned enterprises sent by ministries for possible privatisation. Twelve were rejected after being found unviable by the board’s Investment Committee.
The board also recommended the delisting of Sindh Engineering Limited (SEL) and the Utility Stores Corporation (USC). Sindh Engineering has been non-operational since 2007–8 and holds only litigation-hit land as its tangible asset. Utility Stores has already shut operations under a government decision, with liabilities far exceeding its assets.
Officials said the privatisation drive will stay tied to the government’s broader SOE reform and fiscal consolidation plan. Only entities that meet viability and transaction-readiness tests will move ahead, the board said. Ministries were advised to explore alternate routes, including liquidation, for non-viable firms.
The signal is clear: the government is narrowing its focus to fewer, market-ready transactions as it pushes its next phase of economic reforms. The government’s active privatisation list includes 24 entities, scheduled for sale in three phases: Phase I (0–1 year), Phase II (1–3 years), and Phase III (3–5 years). The plan was unveiled in July 2024. Sindh Engineering Limited and Utility Stores Corporation are being delisted from the programme.
In the first phase, Pakistan international Airline (bidding expected in mid-December), First women Bank Ltd (FWBL) for which the government (Cabinet Committee on Inter-Governmental Transactions (CCoIGT) on October 15 approved a higher-than-reference bid from a United Arab Emirates-nominated entity, owned by the International Holding Company (IHC) under G2G framework.
Other entities in first phase are including Zarai Taraqiati Bank Limited (ZTBL), Pakistan Engineering Company Limited (Peco), Sindh Engineering Limited (SEL) which is now being delisted, Islamabad Electric Supply Company (Iesco), Faisalabad Electric Supply Company (Fesco), and Gujranwala Electric Power Company (Gepco) and Roosevelt Hotel New York.
In Phase II (1-3 years), the entities slated for privatization include Pakistan Re-Insurance Co. Ltd. (PRCL), State Life Insurance Co. Ltd. (SLIC), Utility Stores Corporation (USC) is new being delisted, Genco-I, Genco-II, Genco-III, Genco-IV, Lahore Electric Supply Company (Lesco), Multan Electric Supply Company (Mepco), Hazara Electric Supply Company (Hazeco), Hyderabad Electric Supply Company Limited (Hesco), Peshawar Electric Supply Company (Pesco) and Sukkur Electric Power Company (Sepco). In Phase III (3-5 years), State Life Insurance Co Ltd will be handed over to private hands.
