The Government of Pakistan has announced a five-year plan to privatize 24 state-owned enterprises (SOEs) in a phased manner. In the first phase, which is expected to be completed within a year, major entities such as Pakistan International Airlines (PIA), the Roosevelt Hotel, and First Women’s Bank will be privatized.
According to Dawn News, the list of these enterprises—originally prepared last year—was presented in the National Assembly. Federal Minister for Privatization Abdul Aleem Khan shared a written response detailing that the privatization process will take place in three distinct phases.
As per the written reply, the first phase will include the privatization of ten entities within one year, including the House Building Finance Corporation and the Zarai Taraqiati Bank.
The second phase, to be completed within three years, will cover the privatization of 13 more organizations. The third phase will conclude in five years with the privatization of the Postal Life Insurance Company.
Abdul Aleem Khan further stated that the first phase will also include the privatization of three distribution companies (DISCOs), including IESCO. The second phase will target State Life Insurance, the Utility Stores Corporation, four generation companies (GENCOs), and six DISCOs, including LESCO.
It is important to note that the federal government attempted to privatize PIA last year, but the effort was unsuccessful. The Privatization Board rejected the submitted bids due to extremely low offers.
Last year, on October 31, 2024, the government opened bidding for the privatization of 60% shares of the national airline, expecting to raise PKR 85 billion. However, the only offer received was for PKR 10 billion, which was deemed unacceptable.
