The Privatization Commission (PC) has announced the privatization of 10 state-owned entities, including Pakistan International Airlines (PIA) and House Building Finance Corporation Limited (HBFCL), within the current fiscal year 2024-25. The transactions for PIA and HBFCL are expected to be finalized in the first quarter of this fiscal year. Other entities slated for privatization include the Roosevelt Hotel in New York City, First Women Bank Limited (FWBL), and various power companies.
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Six parties have been pre-qualified for the PIA privatization process, with due diligence ongoing and bidding targeted for August 2024. The transaction for HBFCL is set to complete by July 2024, and the Roosevelt Hotel’s marketing will begin post federal cabinet approval. FWBL’s privatization is being pursued under a government-to-government agreement with the UAE. The Power Division is also working on privatizing efficient power plants and has recommended a phased approach for the process.
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The Cabinet Committee on Privatization (CCoP) has approved the privatization of 24 entities and referred 41 to the Cabinet Committee on State-Owned Enterprises (CCoSOEs) for categorization. The current government is working on a phased five-year privatization program (2024-29) to reduce government presence in the commercial sector, prioritizing loss-making SOEs and identifying profitable ones for privatization to lessen the federal footprint in the economy.
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