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The price strategy for dividing GoP stake in Pak Re-Insurance Co. Ltd has been authorised by the PC Board

The 9th Privatization Committee, present year’s board of directors convened today in Islamabad, chaired by Federal and Chairman Privatisation Minister Mohammedmian Soomro.

The meeting was attended by the Federal Secretary, members of the Board, top ministry executives and financial advisors.

Different key topics were addressed including the employment of financial consultant to Sindh Engineering Limited (SEL), the approval of a pricing system for disbursement of GoP shares up to 20 percent and the update to the entire privatisation programme.

A PC board clearance has been presented for disbursement under the Meeting Pricing Mechanism (Floor Price) of up to 20 percent GoP shares in Pakistan Re-Insurance Company Limited (PRCL). The Board accepted the method for pricing after discussions and recommended it for final approval to both the CCoP and the Federal Cabinet.

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In order to dispose up to 20 percent of PRCL’s shares, the Cabinet Committee on Privacy and the Federal Cabinet had previously authorised the transaction structure (CCoP). The board also approved the nomination of Sindh Engineering Limited’s Financial Advisor for the Transaction (SEL).

In today’s Board meeting, we also addressed the general update of the Privatization Programme. Mohammedmian Soomro, Federal Minister for privatisation, claimed that the privatisation programme was fast-track because of the greatest fight between the privatisation team and government policies. According to the vision of the Prime Minister, the Commission will succeed in achieving its objective.

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