Islamabad ( WNAM REPORT ): Pakistan’ Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) on Friday approved the reference price of the First Women Bank Limited (FWBL), a key milestone towards facilitating UAE investment in Pakistan’s banking sector.
According to statement issued by Ministry of Foreign Affairs, the Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar chaired a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions on Friday.
The Committee reviewed ongoing initiatives related to the privatization of state-owned entities. Discussions focused on finalizing G2G arrangements to ensure smooth transfer of assets, enhance efficiency, and promote private sector participation in line with economic reforms.
On a summary submitted by the Privatisation Division, the Committee approved the reference price of the First Women Bank Limited.
Earlier, the Privatisation Commission (PC) Board also recommended a reference price for the privatisation of FWBL to the CCoIGCT, paving the way for a possible government-to-government (G2G) deal with the United Arab Emirates.
Chaired by Muhammad Ali, the PC Board’s meeting marked a major step toward finalising the proposed transaction, under which the UAE’s International Holding Company (IHC), nominated by the Emirati government, is considering investment in FWBL. The bank, established in 1989 and 82.64 percent owned by the Government of Pakistan, has long been slated for strategic divestment.
The reference price will be disclosed when the offer price is opened.
With the reference price now forwarded to the cabinet committee, the process will advance to formal negotiations with the UAE’s nominee. Officials said a successful conclusion would inject fresh foreign direct investment (FDI) into Pakistan and bolster confidence in the country’s broader privatisation drive.
In another key move, the PC Board approved a consortium led by Raiffeisen as the top-ranked bidder to serve as financial advisor for the privatisation of the Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO).
The Board also formed a Negotiation Committee to finalise the Financial Advisory Services Agreement (FASA) with the Raiffeisen-led consortium.
