PC gives go ahead to sell off SME bank shares
By Asad Cheema

ISLAMABAD—A meeting of the Board of Privatisation Commission chaired by Mr. Shahzada Alam Monnoo Federal Minister for Privatisation & Investment here on Thursday approved the transaction structure for the privatisation of SME Bank and allowed the divestment of 93.88 % shares of the bank with the management control on, ‘as is where is’ basis.
The Financial Advisor (FA) for the transaction BMA Capital made a presentation before the Board regarding the transaction structure and the Request for Statement of Qualification (RSOQ), which was also approved. The Board directed the PC to invite Expressions of Interest (EOI) and subsequently RSOQ from the prospective parties and authorized the Transaction Committee to process the pre-qualification of the interested parties.
The PC board was informed that no decision has been taken to initiate the process for the sale of Roosevelt Hotel New York, however, as directed by the Cabinet Committee On Privatisation (CCOP) in its recent meeting a presentation by the Financial Advisor was being arranged for the PC Board and CCOP to enable them to consider various options.
Reviewing the implementation status and progress of the on going privatisation process of the public sector entities, the PC Board was informed that 32 parties have been pre-qualified for the sale of 26 PTDC Motels and Restaurants and the parties have been asked to deposit 20 % of their bid value as earnest money while fresh Expression of Interest (EOI) for Jamshoroo Power Company are being invited from the potential bidders in line with the instructions of the CCOP.
The meeting was also apprised about the current status of Hazara Phosphate & Fertilizers Limited (HPFL), Pakistan Machine Tool Factory (PMTF), Heavy Electrical Complex (HEC) and National Power Construction Company (NPCC).
The PC board members Mr. Kamal-ud-Din Ahmed, Quetta, Mr. Shakiel Z. Lari, Karachi, Pir Saad Ahsanuddin, Lahore, Mr. Azam Faruque, Karachi, Mr. Sikandar M. Khan, Lahore, Mr. Zafar Iqbal Sobani, Karachi, Mr. Pervaiz Kausar, Karachi and Mr. Ahmed Jawad, Secretary Privatisation Commission along with the senior representatives of the respective ministries /departments and PC officials/ Transaction Managers attended the meeting.