ISLAMABAD, The Privatisation Commission Board, under the leadership of Federal Minister for Privatisation Mr. Fawad Hasan Fawad, convened a meeting where several critical decisions were made, notably the appointment of a Financial Advisor (FA) for the divestment of Pakistan International Airlines Corporation (PIACL).

According to Privatisation Commission, the board evaluated eight proposals for the FA role, eventually selecting the consortium led by Earnest & Young as the top candidate. A negotiating committee has been formed to finalize the financial services agreement with the chosen bidder.

The meeting also addressed the extension of the financial services agreement with the FA for the privatisation of the House Building Finance Corporation Limited (HBFCL), which expired in January 2023. The board approved a 24-month extension and a revision of costs due to additional work requirements. A similar extension, with price adjustment, was granted to the FA for the privatisation of the First Women Bank Limited (FWBL), which had expired in April 2023. The board expressed intent to conduct a detailed inquiry into the delays in the privatisation of HBFCL and FWBL.

The long-pending privatisation of Pak China Fertilizer Limited was another major topic of discussion. The board directed that a detailed account of all proceedings since the contract’s initiation be presented in the next meeting. The board aims to understand the reasons for the Privatisation Commission’s changing stance over the years, particularly following the arbitration award decision in 1997, and to establish a definitive position for court proceedings.

The board’s decisions reflect a concerted effort to advance the privatisation process of key state-owned entities and resolve longstanding issues impeding progress.