Cabinet Supports Sale Of 31 State Properties

ISLAMABAD: The cabinet instantly began purchasing 31 public assets worth around Rs10 billion in the public sector.

 

Nine ministries and divisions have ready a list of 31 properties for selling at once, helping the cash-strapped state to create money.

 

Prime Minister Imran Khan had set up an asset management board of five representatives of cabinet led by the maritime affairs minister, which had periodic sessions to monitor advancement.

 


Read More: Declare Your Assets or Face the Law: Imran Khan

 

About 42 ministries and divisions have replied to the Directive of the Prime Minister to identify the target property for sales. Of these, 23 ministries and branches have selected 99 properties to be privatized. These assets were divided into four classifications after a session of the Asset Management Committee on 23 May.

 

Nine ministries and branches recognized 31 properties that could be privatized immediately. Six public companies and business that were already on the privatization list were recognized in second class.

 

Nine ministries and branches recognized 31 properties that could be privatized immediately. Six public companies and business that were already on the privatization list were recognized in second class.

 

To initiate the process, the relevant certified documents and information were provided in 31 properties, of nine ministries and departments, with a value of approximately Rs10 billion in value. The Asset Management Committee sent the ministries and organizations involved templates for the authorization letter.

 

The Privatization Commission shall invite the Expression of Interest (EOI) for recruitment of financial advisors and evaluators, following the approval of the Cabinet Committee, upon the receipt by the Ministry of Public Works and the Divisions of certified title documents or authority letters.

 

Financial advisers will complete the sale process including due diligence, marketing and bidding whereas the evaluator will only give the reference price. A real estate consultative service provider, including a law firm and evaluator reported by the Pakistan Banks Association or SBP, will be responsible for a consortium of financial advisors.

 

State properties spread across the country are subject to certain ownership, certificated revenue records, and legal status problems, and all the procedures are carried out efficiently, fairly and transparently by extensive due diligence.

 

In objections to the evaluator, the incentive for financial advisors to successfully complete the operations will allow them to maximize the sale proceeds for the Pakistani Government. 

 

According to specified guidelines, the Privatization Commission will launch the sales process for clear assets accessible. Experts from SBP will assess the available characteristics.

 

After all necessary formalities, the Commission will also develop a schedule for the purchase of the residual property. The cabinet picked up the issue and took the lead in buying 31 properties in the public sector for the purpose of generating money in the first week of June.


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