ISLAMABAD: Pakistan plans to privatize 25 state-owned entities after PIA, with long-term contracts for Islamabad, Karachi, and Lahore airports rather than outright sales, Adviser to the Prime Minister on Privatization and Privatization Commission Chairman Muhammad Ali said Monday.
In an interview, Ali said the next targets for privatisation include State Life Insurance Company, Zarai Taraqiati Bank Ltd (ZTBL), House Building Finance Corporation, and nine power distribution companies (Discos). Each will be offered through separate bids, with three expected to be privatized by mid-next year which include Islamabad Electric Supply company (Iesco), Gujranwala Electric Power Company (Gepco) and Faisalabad Electric Supply Company (Fesco).
These will be followed by Peshawar Electric Supply Company (Pesco) and Sukkur Electric Power Company (Sepco) in the second phase, while Lahore Electric Supply Company (Lesco), Multan Electric Power Company (Mepco) and Hazara Electric Supply Company (Hesco) are planned for the third phase.
He added that following cabinet approval, Pakistan Mineral Development Corporation (PMDC), Saindak Metal Limited (SML), and Pakistan Re-Insurance Co. Ltd. (PRCL) and Postal Life Insurance Company Ltd. (PLICL) will also be privatized.
On government restructuring, Ali said some departments have already been closed, while a “right-sizing” committee is reviewing ministries to identify areas where staffing can be reduced or new hires are needed.
Regarding the House Building Finance Corporation (HBFC), he said a single bid has been received, which will be reassessed if the reference price is not met.
