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Government will privatize TIP, PTCL and other 47 organizations

Government will privatize TIP, PTCL and other 47 organizations

The federal government has decided to phone Pakistan (TIP) and Pakistan Telecommunication Company Ltd. (PTCL) to privatize.

This was announced before the Standing Committee on Privatization of the National Assembly, which met with Syed Mustafa Mahmood in the presidency. The committee was informed that the government had decided to privatize 49 organizations over the next five years, consisting of two phases.

Government will privatize TIP, PTCL and other 47 organizations

Government will privatize TIP, PTCL and other 47 organizations
Government will privatize TIP, PTCL and other 47 organizations

TIP has become non-functional as the annual turnover has dropped drastically from Rs 700 million to about Rs. 20 million in the recent past, official sources have revealed. TIP is a state-owned company (SOE) that currently has losses and consumes on average Rs 500 million a year in terms of salary support.

TIP has an adequate country of 432 channels, infrastructure and qualified staff, but current and past governments have not achieved a revival plan. It is currently on the federal government’s privatization agenda, the sources added.

Pakistan’s government has already privatized its 26% stake in PTCL. In June 2005, PTCL approved the sale of 26% of the PTCL B shares to M / s Etisalat and the Sales and Purchase Agreement (SPA) was signed in June 2005. Following the approval of the Cabinet and the CCoP, a SPA that was executed in March 2006, was amended, including certain amendments, including the mutation of 3 384 properties in favor of PTCL with clear and clear titles.

As an SPA, Etisalat made a $ 1.4 billion advance in April 2006 at the total $ 2.598 billion supply. While paying the US $ 1.2 billion balance, which will be paid in nine half-yearly installments, was subject to the transfer of 98% of properties in January 2007 (first deficit) and 100% of properties in January 2008 (second deficit).

Etisalat, based in Pakistan and Dubai, is still in talks to settle the long-awaited $ 800 million upcoming shares due to the privatization of PTCL. The government has also added PTCL to its privatization agenda, which officials say will realize in the next five years.

Organizations to be privatized in the first phase (Spanning the next one and a half years):-

1- SME bank Limited

2- First Women Bank Limited

3- 1223 MW Balloki Power Plant

4- 1230 MW Haveli Bahadur Power Plant

5- Mari Petroleum Limited (divestment of remaining shares)

6- Jinnah Convention Centre, Islamabad

7- Lakhra Coal Mines (now Lakhra Coal Development Company)

8- Services International Hotel, Lahore

Organizations to be privatized in the second phase:-

1- House Building Finance Corporation

2- National Investment Trust Limited (NITL)

3- National Insurance Company (NIC)

4- Pakistan Reinsurance Company (PRC)

5- State Life Insurance Corporation (SLIC)

6- Oil and Gas Development Corporation Limited (OGDCL)

7- Pakistan Petroleum Limited (PPL)

8- Government Holding Private Limited (GHPL)

9- Pakistan Mineral Development Corporation (PMDC)

10- Faisalabad Electric Supply Company Limited (FESCO)

11- Islamabad Electric Supply Company (IESCO)

12- Lahore Electric Supply Company (LESCO)

13- Gujranwala Electric Power Company Limited (GEPCO)

14- Multan Electric Power Company Limited (MEPCO)

15- Peshawar Electric Supply Company Limited (PESCO)

16- Hyderabad Electric Supply Company Limited (HESCO)

17- Quetta Electric Supply Company Limited (QESCO)

18- Sukkur Electric Power Company (SEPCO)

19- Kot Addu Power Company (KAPCO)

20- Jamshoro Power Generation Company Ltd – JPCL (GENCO- I)

21- Central Power Generation Company Ltd – CPGCL (GENCO – II)

22- Lakhra Power Generation Company Ltd – LPGCL (GENCO – IV)

23- Northern Power Generation Company Ltd – NPGCL (GENCO – III)

24- PIA-IL (Roosevelt Hotel, NY & Scribe Hotel, Paris)

25- National Fertilizers Corporation, its units and subsidiaries

26- State Engineering Corporation, its units and subsidiaries

27- Heavy Electrical Complex (HEC)

28- Pakistan Machine Tool Factory (PMTF)

29- Pakistan Engineering Company (PECO)

30- Pakistan Industrial Development Corporation (PIDC) and its units

31- Sindh Engineering Limited (SEL)

32- Morafco Industries (Machinery as is where is basis)

33- Republic Motors Limited (RML)

34- Pakistan Industrial and Technical Training Centre

35- Export Processing Zone Authority

36- Port Qasim Authority (PQA)

37- Karachi Port Trust (KPT)

38- Pakistan National Shipping Corporation (PNSC)

39- Telephone Industries of Pakistan, Haripur (TIP)

40- Pakistan Telecommunication Co. Ltd. (PTCL)

41- National Book Foundation (NBF)

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