divestment of government shares in Pakistan re-insurance and State life

The federal government on Wednesday decided to proactively expedite all actions hindering the transaction of public sector entities to meet the privatisation deadline.

Federal Minister for Privatisation Mohammed mian Soomro chaired a comprehensive review meeting regarding the ongoing privatisation programme in Islamabad. Senior officials of the Ministry attended the meeting. Federal minister was briefed about the entities from financial, industrial and power sectors on the active privatisation list. For the sale of remaining federal government properties, the FASA has been signed with M/s HLB ljaz Tabassum & Co. on December 28, 2021. For the divestment of 20% of government shares in Pakistan re-insurance Co. Ltd. the SLIC management/ Ministry of Commerce has yet to confirm that they do not intend to divest 24.4% shareholding of SLIC in PRCL, to maintain strategic shareholding of government of Pakistan in PRCL. The requisite information is awaited to proceed with the reevaluation of PRCL shares by financial advisors, which subsequently will be approved by PC Board and CCOP.