PC Board Approves Pricing Mechanism For Divestment Shares Of Pak-Insurance Company

Sumaira FH Published September 21, 2021 | 09:49 PM

The Board of Privatization Commission here Tuesday approved pricing mechanism for divestment of Government of Pakistan's shares In Pak Re-Insurance Company Limited

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Sep, 2021 ) :The Board of Privatization Commission here Tuesday approved pricing mechanism for divestment of Government of Pakistan's shares In Pak Re-Insurance Company Limited.

The 9th Privatization Commission, Board meeting of the current year held under the chairmanship of the Federal Minister and Chairman Privatization Mohammedmian Soomro. Federal Secretary, Board members, senior officers of the ministry and financial advisers attended the subject meeting, said a press release.

Various important issues including hiring approval of financial adviser for Sindh Engineering Limited (SEL) transaction, approval of pricing mechanism for divestment of up to 20% of government shares in Pakistan Re-Insurance Company and update on the overall privatization program were discussed.

In the meeting pricing mechanism (floor price) for divestment of up to 20% government shares in Pakistan Re-Insurance Company Limited was presented for approval of the PC Board.

After deliberations, the board approved the proposed pricing mechanism and recommended it to the Cabinet Committee on Privatization and Federal Cabinet for final approval.

The Cabinet Committee on Privatization and the Federal Cabinet have already approved the transaction structure for divestment of up to 20% shares of the company.

The board also approved the appointment of financial adviser for transaction of Sindh Engineering Limited (SEL).

The overall update of the privatization program was also discussed in today's board meeting.

Mohammedmian Soomro said that due to utmost struggle of Privatization team and government policies, the privatization program was on fast track. Privatization Commission will achieve its goal successfully according to the Prime Minister 's vision.