The Cabinet Committee on Privatisation (CCOP) decided to hire an international financial advisor by directly inviting proposals from the top 25 global financial firms, bypassing the need for open bids through advertisements. To streamline the hiring of financial advisors, the CCOP decided to invoke the emergency regulation of the Appointments of Financial Advisors regulations. Read PIA sell-off a foremost priority, WB toldJust hours before the CCOP meeting, the Privatisation Commission board, also chaired by Fawad Hasan Fawad, declared PIA privatisation a major transaction. Typically, the privatisation process, from hiring a financial advisor for transaction structure preparation to holding an open bidding, takes over a year. Pakistan Steel Mills privatisation process annulledThe privatisation board, on Friday, also decided to annul the bidding process for the privatisation of Pakistan Steel Mills (PSM).

Source: The Express Tribune October 07, 2023 14:07 UTC