ISLAMABAD: The Pakistan National Assembly recently received a list of 24 nationalized enterprises scheduled for Privatization, approved by the Cabinet Committee on Pakistan Privatization.
According to the decision finalized in a meeting on August 2, 2024, highlights a three-phase privatization strategy.
Ministry of Privatization has categorized the privatization into three phases, in which the entities which fall in the first phase will be privatized within one year, while the entities falling in Phase two within one to three years, and Phase three within three to five years.
List of Entities Phase wise
Phase One:
- Pakistan International Airlines (PIA)
- First Women Bank
- House Building Finance Corporation
- Agricultural Development Bank
- Pakistan Engineering Company (PECO)
- Islamabad Electric Supply Company (IESCO)
- Gujranwala Electric Power Company (GEPCO)
- Faisalabad Electric Supply Company (FESCO)
- Sindh Engineering Limited
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Phase Two:
- State Life Insurance Corporation
- Pakistan Reinsurance Company
- Central Power Generation Company
- Jamshoro Power Company
- Northern Power Generation Company
- Lakhra Power Generation Company
- Lahore Electric Supply Company (LESCO)
- Multan Electric Power Company (MEPCO)
- Hazara Electric Supply Company
- Hyderabad Electric Supply Company
- Peshawar Electric Supply Company
- Sukkur Electric Supply Company
Phase Three:
- Postal Life Insurance Company
Upon a question raised by a member, Bashir Khan, during a National Assembly session about the completed privatizations and revenue generation, the Parliamentary Secretary responded that PIA’s privatization is likely to be completed this year by October-November 2025.
Moreover, Defence Minister Khawaja Asif mentioned that the government is strategic alliance for PIA, but if not successful, it may be executed with the complete sale of the Roosevelt Hotel in New York.
According to recent reports, 25 state-owned enterprises are ready to be privatised. Included in the list is the top name of PIA’s Roosevelt Hotel in New York. The list also contains name of power generation plants and insurance companies.
In the last 32 years, a total of 178 government-owned companies have been privatized, resulting in 6.49 trillion Pakistani rupees being generated.
