The government’s privatization process has reached a crucial stage after authorities secured all necessary domestic and international approvals required to finalize the transaction.
According to officials from the Privatization Commission, the government has obtained all no-objection certificates (NOCs), regulatory clearances, and other mandatory consents needed to complete the deal. The successful completion of these requirements removes the major procedural hurdles and paves the way for the transfer of ownership.
In another significant development, the Privatization Commission and the successful bidder have signed the Share Purchase and Subscription Agreement (SPSA). The agreement sets out the terms and conditions for the acquisition and outlines the financial and administrative responsibilities of both parties during the transition process.
Under the agreement, the buyer will make the remaining payment at the first closing stage of the transaction. Officials expect the government to receive approximately Rs85 billion during this phase, making it one of the most important financial milestones of the privatization process.
The commission stated that authorities are working to complete the first closing by the end of June. At this stage, the transfer of shares will take effect and the company’s management control will pass to the new owner. The new buyer will then assume responsibility for the company’s operations, administration, and strategic decision-making.
Officials said the completion of the first closing will formally mark the beginning of a new chapter for the company as it transitions to private ownership and management.
