ISLAMABAD: The federal government has decided to privatise 24 state-owned enterprises (SOEs) in three phases.
According to details presented in the National Assembly by Federal Minister for Privatization, Abdul Aleem Khan, ten institutions are slated for privatisation within the first year, followed by 13 more over the next one to three years. The final phase, spanning three to five years, will include the privatisation of one remaining entity.
As per the written statement, in the first phase, major entities such as Pakistan International Airlines (PIA), Roosevelt Hotel New York, First Women Bank Limited, House Building Finance Corporation, and Zarai Taraqiati Bank will be privatized. Also included are Sindh Engineering Limited, Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO)..
The second phase includes Pakistan Reinsurance Company Limited, State Life Insurance Corporation, Utility Stores Corporation, Jamshoro Power Company Limited, Central Power Generation Company Limited, Northern Power Generation Company Limited, Lakhra Power Generation Company Limited, and Lahore Electric Supply Company (LESCO). Additionally, Multan, Hazara, Hyderabad, Peshawar, and Sukkur Electric Power Companies are also set to be privatized during this stage.
The final phase will involve the privatisation of Postal Life Insurance Company, which is projected to take place within the next three to five years.
It is important to note that the Cabinet Committee on Privatization approved the inclusion of these 24 commercial SOEs in the privatization program on August 2, 2024, with final endorsement by the federal cabinet on August 13, 2024.
