PC Board appoints financial advisors for SME Bank and State Life Insurance

The Privatization Commission (PC) has appointed financial advisers for the divestment of State Life Insurance Corporation (SLIC) and for the privatisation of the Small and Medium Enterprises (SME) Bank Limited.

The decision was taken during the Board meeting of the PC, which was chaired by Mohammad Zubair, Chairman PC. The Board appointed the consortium of Habib Bank Limited (HBL), Bank Alfalah Limited (BAFL), Arif Habib Limted (AHL) and Elixir Securities Pakistan Private Limited as lead manager and book runner for divestment of up to 15% stakes in the State Life Insurance Corporation (SLIC), says a press statement issued here on Wednesday.

The Board also approved to appoint a consortium of Elixir Securities and Bridgefactor as financial adviser for the privatisation of SME Bank.

The Board agreed to proceed with submitting a proposal to the Cabinet Committee on Privatisation (CCoP) to include Industrial Development Bank Limited (IDBL) in the privatisation program.

Referring to the request from the Ministry of Petroleum to delist Pak Arab Refinery Company (PARCO) from the privatisation program, the members unanimously agreed to refer the matter to the Cabinet Committee on Privatisation (CCoP), who had approved the listing of PARCO and therefore should also be the authority to take the decision of delisting it.

The Board also agreed to do an external legal review of the agreement with the consortium that had been hired for the privatisation of Multan Electricity Supply Company (MEPCO) and Peshawar Electricity Supply Company (PEPCO), as one of the companies in the consortium had informed that their operations in Pakistan closed down, hence they could not complete their advisory services as part of the signed agreement.

The PC Chairman reinforced the importance of ensuring that all aspects of the agreements with the financial advisers are in compliance with the legal rules and regulations.