RECORDER REPORT

ISLAMABAD: The Inter-Ministerial Committee (IMC) on assets management on privatisation held a special meeting on Wednesday to review the auction result of 26 state-owned properties. The meeting was chaired by the Federal Minister for Maritime Affairs, Ali Haider Zaidi. Federal Minister/ Privatisation Chairman Mohammedmian Soomro also attended the meeting. Representatives from the Ministry of Industries and Production, the Ministry of Commerce, the ERRA and the FBR were also present.

The meeting was held to review the auction of federal government properties across Pakistan, the process that started on September 7th and ended on 28th of the same month. The Ministry of Privatisation was entrusted with the task of auctioning these properties, which included residential, commercial and agricultural lands owned by various ministries/divisions and organisations.

For the purpose, the prime minister had constituted an IMC, whose convener is Ali Haider Zaidi, the other members are SAPM on Overseas Pakistanis and HRD Zulfiqar Bukhari, and Minister for Kashmir Affair and Gilgit-Baltistan Ali Amin Gandapur, Federal Minister for Communication Murad Saeed, and Minister for Industries and Production Hammad Azhar.

The IMC appreciated the PC’s team efforts to execute the privatisation of properties through open auction and in a transparent manner, pursuant to law.

Twenty three properties out of 26 were successfully auctioned on over and above the reserved price, earning Rs1.113 billion for the national exchequer.

Federal ministers consented that the fate of remaining three properties would be decided by the Cabinet Committee on Privatisation (CCoP) for delisting from active privatisation list, owing to the various issues and complexities involved, hindering the execution of subject task.

Moreover, the committee also consented to the proposal of bidders’ price final approval from the CCoP before handing over the properties to the successful candidates.

The additional secretary from the Ministry of Industries and Production also consented to delist the Republic Motors Private Limited (RML) property from active privatisation list; however, the MOIP would continue its efforts to make this precious property free from all encumbrances. Federal Minister Mohammedmian Soomro said that this has been a good start; we are focused on major privatisation goals with maximum output in efficiency with induction of experts and capital.

Federal Minister Ali Zaidi said that the work ended on a positive note, and the next stage would be to seek the approval from the CCoP.