Govt. approves privatisation of PIA and Pakistan Steel Mills

The government on Thursday approved to sell 26% or more shares of 31 state-owned entities including Pakistan International Airlines (PIA) and Pakistan Steel Mills, fulfilling a key condition of the International Monetary Fund under the $6.7 billion bailout programme.

According to sources, the decision was taken at a meeting of the Cabinet committee held here under the chairmanship of Finance Minister, Ishaq Dar.

The organizations whose 26 percent shares will be floated by the government include PIA, PSM, power distribution companies and United Bank Limited (UBL), sources said.

The administrative control of some of the above organizations will also be handed over to the private sector.

The Cabinet committee meeting also decided to sell 26 percent more shares of UBL and Muslim Commercial Bank (MCB) held by the government.