ISLAMABAD: Twenty-three more government institutions are yet to be auctioned, and the government has decided to sell these institutions.
According to the Privatization Commission, the privatization of 24 different institutions in the government’s privatization program 2024-29 is in 3 phases.
The privatization has been divided into 3 phases, in which phase one will last one year, phase 2 will last one to three years, and phase three will last 3 to five years.
The privatization of PIA’s Roosevelt Hotel, New York, will be done in Phase One. The privatization of House Building Finance Corporation, Agricultural Development Bank Limited, Islamabad Electric Supply Company, Faisalabad Electric Supply Company, Gujranwala Electric Power Company, Pakistan Engineering Company (PECO), and Sindh Engineering Limited is also in Phase One.
The privatization of all of them is planned to be completed in one year.
Several financial sector entities are also to be privatized, most of which are included in Phase 2. Pakistan Reinsurance Company Limited, State Life Insurance Corporation, and Utility Stores Corporation have been included in Phase 2. In addition, power generation companies in the energy sector will also be sold in Phase 2.
Jamshoro Power Company (GENCO One), Central Power Generation Company (GENCO Two), Northern Power Generation Company (GENCO Three), Lakhra Power Generation Company (GENCO Four). In addition, power distribution companies (DISCOs), Lahore Electric Supply Company, Multan Electric Power Company, Hazara Electric Supply Company, Hyderabad Electric Supply Company, Peshawar Electric Supply Company,and Sukkur Electric Power Company will be privatized in Phase 2.
The Privatization Commission has kept the privatization of only the Postal Life Insurance Company Limited in Phase 3, meaning that this entity will also be sold in the next 3 to 5 years.
