ISLAMABAD: The Board of the Privatisation Commission all set to defer the sale of large, loss-making state-owned companies including Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM).
PC Chairman Mohammad Mian Soomro in meeting on Tuesday said that board has prepared its five-year plan, proposing to defer the sale of large, loss-making state-owned companies Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM).
He said that the board conducted a review of the privatisation program and finalised entities to be included in the list of active privatisation program.
According to a press release, the review was conducted after consulting all related ministries and due consideration was given to feedback provided by them.
The board decided to approach relevant investigative bodies in order to recover the outstanding Rs3.9 billion dues from the buyers of state-owned entities privatised in the 1990s, said the press release.
According to details, the first of the proposed plan will focus on the privatization of 15-20 state-owned units, prioritising efforts to privatise SME Bank Ltd (SBL) and First Women Bank.
The board will present its proposed plan in a meeting on Wednesday with the Cabinet Committee on Privatisation (CCOP), which will consider the proposals and give its approval.
The development comes weeks after Finance Minister Asad Umar said in an interview that his party, the Pakistan Tehreek-e-Insaf, would not attempt to privatise the bloated PIA and PSM.