PC board approves hiring of Financial Advisors for sale of 17 properties

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The Privatisation Board has unanimously approved the hiring of Financial Advisors for the sale of 17 properties owned by the federal government.

As per the details, Federal Minister for Privatisation Mohammad Mian Soomro chaired Privatisation Commission Board meeting on Thursday in Islamabad which discussed matters related to the sale of remaining Federal government properties including reference price approval of Heavy Electrical Complex (HEC), other transactions including SME Bank, divestment of GoP shares in Pak Reinsurance Company Limited (PRCL).

The PC board was briefed about the hiring of Financial Advisors for the sale of the remaining 17 properties owned by the Federal Government. The board unanimously approved the hiring of FAC.

The recommendations of the privatisation board were also solicited for recommending a reference price for HEC.

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Representatives from the Ministry of Industries and financial advisors were also present. The board considered reserve price computation under discounted cash flow (DCF), Market Multiple and Adjusted Net Asset Book Value (NAV) modes, allowed under Privatisation Commission (Valuation of Property) Rules 2007.

Board recommended the Discounted Cash Flow method and the same would be sent to CCoP for decision(s).

Regarding the divestment of 20% shares of Pak Reinsurance Company Limited (PRCL) the Board was apprised that papers of Offer for Sale Document (OFSD)are being obtained from the management of PRCL to approach SECP for seeking permission. Once these actions are completed the opinion of CCoP will be solicited for the determination of share price to proceed for divestment.

Federal Minister, Mohammad Mian Soomro stressed that the timeline for the ongoing transactions shall be strictly followed and issues emanating during the process shall be taken up with relevant Ministries/Divisions on priority basis.

Federal Secretary Privatisation, Board members and senior officials of the Ministry attended the meeting.

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