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Tag: Privatization Commission

  • MCB Bank submits SOQ for SME Bank privatization

    MCB Bank submits SOQ for SME Bank privatization

    KARACHI: MCB Bank Limited on Monday submitted a statement of qualification (SOQ) for participating in privatization of SME Bank Limited.

    In a notice to Pakistan Stock Exchange (PSX), the MCB Bank said that Privatization Commission, government of Pakistan advertized in December 2019 the privatization of SME Bank Limited via sale of 93.88 percent shares therein to strategic buyer.

    Accordingly, MCB Bank Limited submitted an expression of interest to the Privatization Commission on December 16, 2019, and consequently received a request for statement of qualification (RSOQ) issued by the Privatization Commission in respect of the proposed transaction.

    In response to the RSOQ, MCB Bank Limited is required to submit a Statement of Qualification (SOQ) to the Privatization Commission by February 10, 2020.

    As per the stated requirement, MCB Bank Limited has submitted the SOQ today (February 10, 2020). MCB Bank Limited said that it would keep updated the market participants about any further developments as and when they occur.

  • Credit Suisse consultants for RLNG plants privatization

    Credit Suisse consultants for RLNG plants privatization

    ISLAMABAD: The government has accorded approval to a consortium led by Credit Suisse to act as financial consultants for the privatization of the RLNG power plants.

    The approval was given at a meeting of the Board of Privatization Commission chaired by Federal Minister of Aviation and Privatization Muhammad Mian Soomro.

    The transparent and appropriately appraised value of privatization of state owned enterprises is one of the major priorities of the current government and shall be successfully undertaken with due regard to every possible minutiae, Soomro said.

    The meeting was attended by Secretary Privatization Rizwan Malik and the board members of the Privatization Commission.

    A number of essential issues were on the agenda. The Minister was briefed about the progress made in the Privatization process of a number of state owned enterprises.

    These enterprises include Mari Petroleum, SME Bank and First Woman’s Bank. Other state owned entities which are to be privatized on priority basis were also discussed. These include Services Hotel and Convention Centre, Islamabad.

    The Minister was apprised of the current status of the process for each entity and the Minister ordered that it should be ensured that every possible step is taken to ensure a transparent and financially feasible privatization.

    The meeting also confirmed the minutes of the Third Meeting (03/2018) of Privatization Commission Board which was held on 18th December, 2018 and also reviewed the status of decisions of the Third Meeting of the PC Board. The appointments of Consultants of the Privatization Commission were also discussed.

    It was also decided in the meeting that a steering committee headed by the Minister for Privatization, including relevant stakeholders shall over see the implementation process of privatization.