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FESCO, IESCO, Convention centre to be deregulated by the end of current year.

ISLAMABAD -- Government could not achieve income in synch with its set target of Rs 198 billion out of privatization process in the wake of its failure in sale of OGDCL shares at prospective price.

As many as 5 entities were privatized during the last 10 months and government looks set to put more 8 entities to privatization process in the current year besides selling out state shares therein.

Privatization Commission (PC) sources said it intends to go for deregulation of National Power Construction Company (NPCC) by the end of May and this way Rs 2 billion are likely to be accrued. On the other hand financial advisor has been inducted for the privatization Northern Power Generation Company Limited (NPGCL) and this entity will be deregulated till the end of October.

Faisalabad Electric Supply Company (FESCO), Convention Centre Islamabad and Islamabad Electric Supply Company (IESCO) are on the top list of privatization exercise and they will finally undergo deregulation process at the end of the current year.

Sources said IMF has been told by the government that steps are being undertaken for tangible improvement in PIA affairs and accomplishment of investment initiatives.

Sources said steps are being taken for fine tuning Pakistan Steel Mills in the perspective of its all out affairs. Application has been again filed seeking appointment of financial advisor in Pakistan Steel Mills and its production has also taken considerable boost.

Income to the tune of Rs 14.4 billion has been generated against privatization of Allied Bank of Pakistan and Rs 905 million out of privatization of Heavy Mechanical Complex (HMC) while income amounting to 1.06 billion dollars has been accrued against the sale of shares of Habib Bank Limited.

Sources indicated government was expecting generation of income revenue to the tune of Rs 198 billion out of privatization drill but it fell short of Rs 80 billion income from deregulation of OGDCL as its share witnessed downslide in the face of plummeting price of oil in the international markets.

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Publication:The Frontier Star (Northwest Frontier Province, Pakistan)
Date:Apr 18, 2015
Words:334
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