24 State-Owned Enterprises Set for Privatization Under Three-Phase Plan: Details Inside

ISLAMABAD: The National Assembly has received a list of 24 state-owned enterprises (SOEs) approved for privatization, following a decision by the Cabinet Committee on Privatization during a meeting held on August 2, 2024.

The Ministry of Privatization has laid out a three-phase strategy for the 24 state-owned enterprises. Entities in Phase One are expected to be privatized within one year, Phase Two within one to three years, and Phase Three over a period of three to five years.

Phase One Includes:

• 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

Phase Two Includes:

• 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

During a National Assembly session, in response to a query by Member Bashir Khan, the Parliamentary Secretary stated that PIA’s privatization is expected by October or November 2025.

Defence Minister Khawaja Asif added that the government is pursuing a strategic partnership for PIA, but if that fails, it could lead to the full sale of the Roosevelt Hotel in New York.

Reports also indicate that 25 SOEs are ready for privatization, including PIA’s Roosevelt Hotel, various power plants, and insurance companies.

Over the past 32 years, 178 public enterprises have been privatized, generating PKR 6.49 trillion in revenue.

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