As per details, the decision was taken by the federal cabinet in a meeting held here in Islamabad, the sources said and added that the five-year privatization program will be completed in three phases.
In the first phase, privatization of Pakistan International Airlines (PIA), House Building Finance Corporation (HBFC), Faisalabad Electric Supply Company, Islamabad Electric Supply Company, and Gujranwala Electric Supply Company will be privatized.
Later, LESCO, MEPCO, PESCO, HESCO, SEPCO, HESCO, Utility Stores Corporation, State Life Insurance Corporation, and Pakistan re-insurance Company will be privatized, the sources said.
They further say that after review, more institutions will be added to the privatization program.
PM Shehbaz approves the induction of women into the Privatisation Commission Board
Earlier, the federal cabinet greenlighted the privatization of 13 entities under Pakistan’s Power Division, including nine power distribution companies.
Sources said that out of the 11 government-owned power distribution companies, nine have been included in the privatization list. However, Quetta Electric Supply Company and Tribal Electric Supply Company were excluded from the list.
Furthermore, the cabinet also approved the inclusion of power generation companies (GENCOs) in the privatization list.
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