CCOP approves 24 state-owned enterprises for privatization

ISLAMABAD: The Cabinet Committee on Privatisation (CCOP) approved the privatization of 24 public sector entities in a meeting to discuss the privatization programme for the period 2024-29.

The CCOP meeting, chaired by Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Friday, also decided that additional State Owned Entities (SOEs) will be considered for privatization following a review by the Cabinet Committee on State-Owned Enterprises (SOEs).

During the meeting, the Ministry of Privatization presented the phased Privatization Programme (2024-29) based on the recommendations of the PC Board, in terms of Section 5(b) of the Privatisation Commission Ordinance 2000.

The CCOP recommended that priority should be accorded to reducing the federal footprint in commercial space and limiting it to the strategic and essential SOEs only. CCOP emphasized that even SOEs making profits would also be considered for privatization.

The entities not categorized as strategic or essential will be placed before CCOP for the decision regarding their inclusion in the Programme. The CCOP also considered the proposal for the transfer of shares of OGDCL lying with the Privatization Commission to sovereign wealth fund or Ministry of Energy (Petroleum Division). It was decided that the status quo may be maintained for the time being.

The meeting was also attended by other members of the committee including the Finance Minister, Minister for Privatization, Minister for Commerce, Minister for Power, Minister for Industries & Production, and Minister of State Finance and Revenue besides Federal Secretaries of various Ministries and Division.