The Privatisation Commission (PC) Board on Friday recommended a reference price for the privatisation of First Women Bank Limited (FWBL) to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), moving the transaction a step closer towards a potential government-to-government (G2G) deal with the United Arab Emirates (UAE).
The decision was taken at the commission’s 240th meeting, chaired by PC Chairman Muhammad Ali, according to a statement issued Friday.
FWBL, incorporated in 1989, is 82.64% owned by the Government of Pakistan and is currently in negotiations with a UAE-nominated entity under the Inter-Governmental Commercial Transactions Act, 2022.
The PC noted that successful completion of the process would not only bring fresh foreign direct investment (FDI) into the country but also bolster investor confidence in Pakistan’s broader privatisation programme.
Govt shares in FWBL likely to be sold to UAE
In another key decision, the board approved the consortium led by Raiffeisen as the top-ranked bidder for appointment as financial advisor for the planned privatisation of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).
A negotiation committee has also been formed to finalise the Financial Advisory Services Agreement (FASA) with the consortium.
The commission reiterated its commitment to transparency, efficiency, and reforms aimed at strengthening the country’s economic outlook and attracting sustainable investment.
